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At the beginning of the period, a company had $368,000 of assets, $128,000 of lilabilities, and $240,000 of equity. The only change during the period

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At the beginning of the period, a company had $368,000 of assets, $128,000 of lilabilities, and $240,000 of equity. The only change during the period was a $48,000 purchase of land by issuing a note payable. Enter the ending period amounts for the accounting equation. Use the accounting equation to compute the missing financial statement amounts in the two separate cases a and b. a. Total assets equal $83,200. Equity and liability amounts are equal to each other. Compute total liabilities and total equity. b. Total liabilities equal $21,600. Total equity is $31,600. Compute total assets

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