Evaluating Total Equity and Liabilities on a Balance Sheet

Consider a company that follows IFRS and has just completed its annual financial statements. On the balance sheet dated December 31, 2023, the following accounts are observed:

• Cash: $200,000
• Accounts Receivable: $150,000
• Inventory: $300,000
• Property, Plant, and Equipment (PP&E): $800,000
• Accounts Payable: $180,000
• Long-term Debt: $500,000
• Share Capital: $300,000
• Retained Earnings: $470,000

Given this information, which of the following statements regarding the company's balance sheet is correct?