Owners’ Equity Mortin Company reported owners’ equity of $450,000 at December 31. During December, Mortin’s owners had invested an additional $90,000, dividends of $20,000 were paid to owners, and reported net income was $42,000.

a. What amount had Mortin Company reported as owners’

equity at December 1?

b. If Mortin reported total assets of $979,000 at December 1, what amount of total liabilities did it report at December 1?