Leviathan Global, Inc. (LGI) provides organizational services to opera companies and symphonies. LGI has hired you to prepare its financial statements. Osvaldo Garza, Chief Executive Officer, and 60% shareholder in LGI, has a Master of Fine Arts from the Julliard School in New York, no accounting education or experience, and provided you with the following data: LGI was sued in 2019 from breach of contract. LGI is accused of providing substandard seating at a concert and the petitioner is suing for $100,000 in damages. As of December 31, 2019, the case was still be adjudicated Osvaldo had a 401K balance of $450,000 as of December 31, 2019. Osvaldo purchased a used Tesla Roadster in 2019 for $80,000. Osvaldo gives you a typed list of LGl income information, expense information, assets and liabilities on December 31, 2019: Accounts Payable $122,000 Land $900,000 Accounts Receivable $313,500 Misc. Expense $129,500 Cash $530,500 Office Expense $630,000 Common Stock $1,000,000 Supplies $ 33,500 Fees Earned $2,632,000 Wages Expense $1,317,000 Retained Earnings on January 1, 2019, were $300,000. During 2019, LGI paid $200,000 in dividends. How much in Liabilities are reported on the Balance Sheet on December 31, 2019? O $900,000 $655,000 O $122,000 O $340,450 Question 87 What is Total Stockholders' Equity on December 31, 2019? O $1,777,500 O $1,655,500 O $1,000,000 O $655,000 What are Total Liabilities and Stockholders' Equity on December 31, 2019? O $655,000 $1,000,000 O $1,777,500 O $800,000 Question 89 4: Osvaldo is not happy with the $313,500 in Accounts Receivable that is owed to LGI. He heard fror his friend that LGI can sell these receivables for $313,500. Would another company pay $313,500 for these receivables? O Yes O No