ABC Company Began Business in June When Stockholders Invested $80,000

Multiple Choice

ABC Company began business in June when stockholders invested $80,000 in the business, which in turn issued its common stock to them. ABC Company then purchased a building for $40,000 cash and inventory for $20,000 cash, performed services for clients for $10,000 cash, purchased supplies for $5,000 cash, and paid utilities of $2,000 cash. What is the amount of total assets?

A) $80,000
B) $88,000
C) $108,000
D) $163,000