Answer the following questions. Hint: Use the accounting equation. a. On January 1, Lumia Company's liabilities are $70,000 and its equity is $50,000. On January 3, Lumia purchases and installs solar panel assets costing $20,000. For the panels, Lumia pays $9,000 cash and promises to pay the remaining $11,000 in six months. What is the total of Lumia's assets after the solar panel purchase? b. On March 1, ABX Company's assets are $110,000 and its liabilities are $40,000. On March 5, ABX is fined $20,000 for failing emission standards. ABX immediately pays the fine in cash. After the fine is paid, what is the amount of equity for ABX? c. On August 1, Lola Company's assets are $40,000 and its liabilities are $20,000. On August 4, Lola issues a sustainability report. On August 5, ownership invests $8,000 cash and $12,000 of equipment in Lola. After the investment, what is the amount of equity for Lola? Complete this question by entering your answers in the tabs below. Required A Required B Required C On August 1, Lola Company's assets are $40,000 and its liabilities are $20,000. On August 4, Lola issues a sustainability report. On August 5, ownership Invests $8,000 cash and $12,000 of equipment in Lola. After the investment, what is the amount of equity for Lola? Assets Liabilities Equity August 1 $ 40,000 20,000 Change August 5