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LIABILITIES/STOCKHOLDERS' EQUITY PROBLEM The following information was taken from the accounting records of Perpetuity Corporation for the year ended December 31, 2019: Current Liabilities: Accounts

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LIABILITIES/STOCKHOLDERS' EQUITY PROBLEM The following information was taken from the accounting records of Perpetuity Corporation for the year ended December 31, 2019: Current Liabilities: Accounts Payable 40,000 Current Portion of Mortgage Payable 20,000 Long-Term Liabilities: Long-Term portion of Mortgage Payable 120,000 Stockholders' Equity 90,000 Additional Information: 1. Long-Term Mortgage Payable is payable in installments of $ 20,000 every December 31st. 2. During 2020, the company was able to enerate a net income of $ 50,000 and reduce accounts payable to $10,000 3. Investors purchased additional common stock of $30,000 in 2020. 4. Perpetuity paid dividends of $ 9,000 to investors in 2020. A. Calculate Total Liabilities as of 12/31/2020. B. Calculate Stockholders' Equity as of 12/31/2020 C. Calculate Total Assets as of 12/31/2020

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