Problem
The following transactions occurred during December, the first month of operations for Johnson, Corp.:
Purchased $150,000 of equipment by making a $55,000 cash down payment and signing a note payable for the balance.
Capital stock was issued in exchange for $225,000 cash.
Made a $25,000 cash payment on the note payable from the purchase of equipment.
Sold a piece of equipment for cash of $14,000. The equipment was sold at cost, so there is no gain or loss on the sale.
What are total assets at the end of December?