Problem:
Beta Corporation purchased $240,000 worth of land by paying 24,000 cash and signing a $216,000 mortgage. Immediately prior to this transaction the corporation had assets, liabilities, and owners' equity in the amounts of $164,000, $37,000, and $127,000 respectively.
Required:
Question: What is the total amount of Beta Corporation's assets after this transaction has been recorded?
Note: Be sure to show how you arrived at your answer.