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Accounting Equation Lynn Shackelford is the stockholder and operator of Galaxy LLC, a motivational consulting business. At the end of its accounting period, December 31,
Accounting Equation Lynn Shackelford is the stockholder and operator of Galaxy LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y2, Galaxy has assets of $635,000 and liabilities of $152,000. Using the accounting equation, determine the following amounts: a. Stockholders' equity as of December 31, 20Y2. b. Stockholders' equity as of December 31, 2043, assuming that assets increased by $121,000 and liabilities increased by $36,000 during 20Y3
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