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The following events apply to East Italia Industries, for the 2 0 2 0 accounting period, its first year of operations: 1 ) The business

The following events apply to East Italia Industries, for the 2020 accounting period, its first year of operations:
1) The business issued $51,000 of common stock to its stockholders.
2) Services were provided to customers for $30,000 cash.
3) Services were provided to customers for $20,000 on account.
4) The business received $30,000 cash from a Notes Payable.
5) Operating expenses of $27,000 were incurred and paid in cash.
Calculate the amount of total liabilities at the end of 2020.

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