At the beginning of the year, Chock Company had $650,000 in assets and $200,000 in liabilities. At the end of the year, the company had $310,000 in liabilities. During the year, assets increased by $140,000. What was the total dollar amount of owner's equity at the end of the year? A. $340,000 B. $450,000 C. $480,000 D. $590,000 Assume that Red Door Boutique purchased supplies on account for $58,000. How would this transaction affect Red Door's accounting equation? A. Increase assets and liabilities by $58,000 B. Increase assets and equity by $58,000 C. Increase liabilities and equity by $58,000 D. Increase one asset and decrease another asset by $58,000