Sid Summitt is the stockholder and operator of Galaxy LLC, a motivational consulting business. At the end of its accounting period, December 31, 2015, Galaxy has assets of $830,000 and abilities of $199,000. Using the accounting equation, determine the following amounts: a. Stockholders' equity as of December 31, 2015 b. Stockholders' equity as of December 31, 2016, assuming that assets decreased by $150,000 and liabilities decreased by $48.000 during 2016, Prepare a journal entry on July 9 for fees earned on account, $118,700. July 9 Fees Earned