Using the January 1 and December 31, 20Y8, data given in Question 10, answer the following question:
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In Question 10, Assume that as of January 1, 20Y8, Sylvester Consulting has total assets of $500,000 and total liabilities of $150,000. As of December 31, 20Y8, Sylvester has total liabilities of $200,000 and total stockholders’ equity of $400,000.
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