1.4

Applying the Fundamental Accounting Equation On January 1, Hulfer Corporation had total assets of $232,400, total llabilities of $94,200, common stock of $50,000, and retained earnings of $88,200. During the year, Huffer had net income of $51,750, declared and pald dividends of $10,000, and issued additional common stock for $15,000. Huffer's total assets on December 31 were $285,500, Required: Calculate the amount of liabilities that Huffer must have on December 31 in order for the balance sheet equation to balance