Use the starting balance sheet, income statement, and the list of changes to answer the question.

Gulf Shipping Company Balance Sheet As of December 31, 2017 (amounts in thousands)
Cash	38,000	Liabilities	22,000
Other Assets	27,000	Equity	43,000
Total Assets	65,000	Total Liabilities & Equity	65,000

Gulf Shipping Company Income Statement January 1 to March 31, 2018 (amounts in thousands)
Revenue	5,100
Expenses	2,800
Net Income	2,300

Between January 1 and March 31, 2018:

1. Cash decreases by $100,000 2. Other Assets do not change 3. Paid-In Capital does not change 4. Dividends paid of $400,000

What is the value for Liabilities on March 31, 2018?

Please specify your answer in the same units as the financial statements.