Blanche Started a Business by Contributing $24 000 Cash and a Truck

Multiple Choice

Blanche started a business by contributing $24 000 cash and a truck valued at $40 000. The company then purchased equipment by paying the $24 000 cash as a down payment (which accounted for half its purchase price) , and financed the other half by signing a note payable at the bank. After the above transactions, Blanche's company balance sheet is: Assets Liabilities Owners' Equity

A) $64 000 $0$64 000
B) $88 000 $0$88 000
C) $88 000 $24 000$64 000
D) $112 000$24 000$88 000