4. At the beginning of the year, Fares Company had total assets of $200,000, total liabilities of $110,000, and shareholders' equity of $90,000. For the year, Fares Company earned net income of $75,000 and declared cash dividends of $30,000. At the end of the year, the company had total assets of $300,000 and its shareholders' equity was at $135,000. At the end of the year, Fares Corporation had total liabilities of

a) $0

b) $45,000

c) $50,000

d) $165,000