Changes in the Accounting Equation Toland Corporation reported owners’ equity of $150,000 and liabilities of $250,000 on January 1, 2001. Using the accounting equation, answer each of the following independent questions:

a. If Toland issues additional common stock for $45,000 during 2001, what amount of total assets will be reported?

b. If Toland reports net income of $65,000 and distributions to owners of $17,000 during 2001, what amount of total assets will be reported at December 31, 2001?

c. If accounts payable in the amount of $69,000 are paid during the year and additional inventory is purchased on account for $45,000, what amount of total assets will be reported at December 31, 2001?

d. If owners’ equity increases by $5,000 and total assets decrease by $17,000, what balance will be reported as liabilities?

e. If liabilities decrease by $15,000, net income of $35,000 is reported, and new shares are issued for $20,000, what amount of total assets will be reported at December 31, 2001?