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On the day of the concert, no additional ticket is sold. Live Nation incurs $ 1 . 5 million in expenses to host the concert,

On the day of the concert, no additional ticket is sold. Live Nation incurs $1.5 million in expenses to host the concert, excluding Staples Center rental fee. All costs are to be paid within 30 days of the concert day. Beyonc successfully performs. (Ignore food, beverage, and merchandise sales at the concert.) Do assets increase, decrease, or no change? Do liabilities increase, decrease, or no change?

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