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Question - Use T-accounts to record the transactions below, which occur on March 12, 2019, close the T-accounts, and construct a balance sheet to answer the question.
1. Buy $15,000 worth of manufacturing supplies on credit
2. Issue $85,000 in stock
3. Borrow $63,000 from a bank
Valley Technology Balance Sheet As of March 11, 2019 (amounts in thousands)
Cash
9,700
Accounts Payable
1,500
Accounts Receivable
4,500
Debt
2,900
Inventory
3,800
Other Liabilities
800
Property Plant & Equipment
16,400
Total Liabilities
5,200
Other Assets
1,700
Paid-in Capital
7,300
Retained Earnings
23,600
Total Equity
30,900
Total Assets
36,100
Total Liabilities & Equity
Required - What is the final amount in Total Liabilities? Please specify your answer in the same units as the balance sheet.
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