1.John Taylor operates a skating rink. At the end of its accounting period, Dec 31, 2020, Taylor's skating rink has assets of $ 500,000 and liabilities of $ 175,000. Using the accounting equation, determine the following amounts: (A) Owner's Equity as of Dec31, 2020. (B) Owner's equity as of Dec 31, 2021, assuming the assets increased by $ 165,000 and liabilities increased by $135,000 during 2021. 2. Determine the missing amounts for each of the following: Assets Liabilities owner's Equity $ 38,500 $ 14,200 ? ? 44,800 $118,000 $75,900 ? 43,000