Answer part A and B.

Sid Summitt is the owner and operator of Go-For-It LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y8, Go-For-It has assets of $540,000 and liabilities of $130,000. Using the accounting equation, determine the following amounts:

a. Owner's equity as of December 31, 20Y8.

b. Owner's equity as of December 31, 20Y9, assuming that assets increased by $103,000 and liabilities increased by $31,000 during 20Y9.