Applying the Accounting Equation Banker Company reported assets of $90,000, liabilities of $40,000, and owner’s equity of $50,000 at January 1, 2001. During the year, Banker Company engaged in the following transactions:

a. Purchased land for $23,000 cash.

b. Purchased equipment costing $35,000 by signing a 3-

month note payable.

c. Paid liabilities of $12,000.

d. Sold new shares of stock for $32,000 cash.

e. Borrowed $6,000 from a local bank on a 6-month note payable.
Compute the totals reported in each of the three major elements of the accounting equation following these transactions.