Pauline Emm is the owner and operator of Power Thoughts, a motivational consulting business. At the end of its accounting period, December 31, 20Y8, Be-The-One has assets of $382,000 and liabilities of $94,000. Using the accounting equation, determine the following amounts: 

a. Owner’s equity as of December 31, 20Y8.

b. Owner’s equity as of December 31, 20Y9, assuming that assets decreased by $63,000 and liabilities increased by $35,000 during 20Y9.