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ABC Inc, was incorporated two year ago by issuing 1,000 shares of common stock at $200 and borrowing $30,000 from a bank on a long term note. Last year, ABC reported net income of $10,000 and paid a cash divided of $800. During the year, the company also borrowed an additional $7,600 from the bank. What was the total assets on ABCs balance sheet at the end of the year last year?
A. $246,8000
B. $240,000
C. $239,200
D. $276,800
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