3. An analyst has projected a company will have assets of $2,000 and liabilities of $1,200 at its fiscal year-end. The analyst's projection of owner's equity at year-end should be closest to: a. $3,200 b. $2,000 c. $1,200 $800 d. 20. Apex.com sells items over the internet for customers on a consignment basis. Apex lists items for the seller and receives a 25% commission on any items sold. When a sale is made, Apex collects the purchase price from the buyer and remits the net price to the seller. During 2017, Apex sold items on consignment for a total of $2,000,000; Apex earned commissions of $500,000 on these sales. How much gross revenue should Apex report on its 2017 income statement? a. $500,000 b. $2,000,000 c. $1,500,000