The following information applies to the questions displayed below. The following transactions occurred during March, the first month of operations for Quality Galleries, Inc.:

* Capital stock was issued in exchange for $358,000 cash.

* Purchased $176,000 of equipment by making a $58,000 cash down payment and signing a note payable for the balance.

* Made a $34,000 cash payment on the note payable from the purchase of equipment.

* Sold a piece of equipment for cash of $16,000. The equipment was sold at cost, so there is no gain or loss on the sale.

What is the total owners' equity at the end of March?

1. $282,000.
2. $442,000.
3. $476,000.
4. $358,000.

Answer rating: 100% (QA)

4 358000 Statement of owners equi... View the full answer