Response to the following problem:
XYZ Company had total assets of $500,000 and total liabilities of $200,000 at January 1, 2004. At December 31, 2004, XYZ Company had total equity of $400,000. XYZ Company reported a return on investment (ROI) of 15% for 2004 and a net income of $93,000 during 2004.
Calculate XYZ Company's total liabilities at December 31, 2004. Do not use decimals in your answer.