The assets of a business total $950,000, and liabilities total $700,000. Present the owners’

equity section of the balance sheet under the following assumptions:

a The business is a sole proprietorship owned by William Gleason.

b The business is a partnership. William Gleason has a 35-percent interest, John Morgan has a 40-percent interest, and David Johnson has a 25-percent interest.

c The business is a corporation. Outstanding common stock was originally issued for

$180,000, of which $100,000 represented par value. The remainder of the owners’ equity represents accumulated, undistributed earnings.