Accounting Equation

John Joos is the owner and operator of Way to Go LLC, a motivational consulting business. At the end of its accounting period, December 31, 2013, Way to Go has assets of $669,000 and liabilities of $161,000. Using the accounting equation, determine the following amounts:

a. Owner's equity as of December 31, 2013. $

b. Owner's equity as of December 31, 2014, assuming that assets decreased by $127,000 and liabilities decreased by $39,000 during 2014. $