Rochester Corporation holds cash of $11,000 and owes $27,000 on accounts payable. Rochester has accounts receivable of $40,000, inventory of $34,000, and land that cost $55,000. How much are Rochesters total assets and liabilities?
A.
Total assets $129,000; Total Liabilities $27,000
B.
Total assets $27,000; Total Liabilities $140,000
C.
Total assets $140,000; Total Liabilities $27,000
D.
Total assets $140,000; Total Liabilities $93,000