7. At the end of the year, Cramer Private University’s balance sheet comprised $15,000,000 of assets and $9,000,000 of liabilities (including deferred revenues of $300,000). What is the balance of...

7. At the end of the year, Cramer Private University’s balance sheet comprised $15,000,000 of assets and $9,000,000 of liabilities (including deferred revenues of $300,000). What is the balance of Cramer’s net assets?

a. $5,700,000

b. $6,000,000