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On January 1, 2020, Buy Stuff Corporation had assets of $70,000 and shareholders' equity of $50,000. Assets decreased by $5,000 and liabilities increased by $7,000

On January 1, 2020, Buy Stuff Corporation had assets of $70,000 and shareholders' equity of $50,000. Assets decreased by $5,000 and liabilities increased by $7,000 during the year. How much was the shareholders' equity on December 31, 2020?

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