Before the journal entry above, Martin had assets of $900,000; liabilities of $460,000; and owners' equity of $440,000. Total assets immediately after the above transaction has been recorded amount to:

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The accounting equation is Assets = Liabilities + Owners' Equity. Before the transaction, Martin's assets were $900,000. The transaction increased the assets by $5,000, resulting in total assets of $905,000.

Before the Journal Entry Above, Martin Had Assets of $900,000;