On January 1, 2018, Real Madrid Corp has $345,000 of total assets and $220,000 of total liabilities. During 2018, total revenues were $720,000, total expenses were $650,000, and dividends declared and paid were $7,500. On December 31, 2018, total assets are equal to $425,000

What are the total liabilities equal to on December 31, 2018?