Applying the Fundamental Accounting Equation On January 1, Huffer Corporation had total assets of $229,200, total liabilities of $84,200, common stock of $82,400, and retained earnings of $62,600. During the year, Huffer had net income of $42,750, declared and paid dividends of $11,900, and issued additional common stock for $12,400. Huffer's total assets on December 31 were $229,200. Required: Calculate the amount of liabilities that Huffer must have on December 31 in order for the balance sheet equation to balance. x Feedbsck r Check My Work Start with stockholders' equity at the beginning of the period. Use the retained earnings statement relationships to compute the change during the year and determine stockholders' equity at the end of the period. Use the fundamental accounting equation to solve for the amount of liablities at the end of the period