Montauk Oil Co On January 2, 2011, Montauk Oil Collected $50,000 of Its

Montauk Oil Co. reports these account balances at December 31, 2010
$$\begin{array} { | l | r | } \hline \text { Accounts Payable } & \$ 110,000 \\\hline \text { Land } & \$ 200,000 \\\hline \text { Notes Payable } & \$ 260,000 \\\hline \text { Equipment } & \$ 160,000 \\\hline \text { Cash } & \$ 80,000 \\\hline \text { Accounts Receivable } & \$ 100,000 \\\hline \text { Buildings } & \$ 240,000 \\\hline \text { Share Capital } & \$ 340,000 \\\hline \text { Retained Earnings } & \$ 70,000 \\\hline\end{array}$$
On January 2, 2011, Montauk Oil collected $50,000 of its accounts receivable and paid $20,000 of its accounts payable.
-Refer to the above data. On January 3, 2011, total liabilities are:

A) $370,000.
B) $350,000.
C) $300,000.
D) $70,000.