Question

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

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

Siam Traders
Balance Sheet
As of December 31, 2019
(amounts in thousands)
Cash 38,000 Liabilities 21,000
Other Assets 25,000 Equity 42,000
Total Assets 63,000 Total Liabilities & Equity 63,000
Siam Traders
Income Statement
January 1 to March 31, 2020
(amounts in thousands)
Revenue 6,700
Expenses 4,200
Net Income 2,500

Between January 1 and March 31, 2020:

1. Cash decreases by $200,000
2. Other Assets increase by $300,000
3. Paid-In Capital does not change
4. Dividends paid of $300,000

What is the value for Liabilities on March 31, 2020?

Note: Account change amounts are provided in dollars but the financial statement units are thousands of dollars.

Please specify your answer in the same units as the financial statements (i.e., enter the number from your updated balance sheet).

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