At the end of the current year, the owners' equity in Durante Co. is now $360,000. During the year, the assets of the business had increased by $68,000 and the liabilities had increased by $118,000. What must Owners' equity at the beginning of the year have been? Make sure you show all your calculations. (X marks) Answer: $68,000 - $118,000 = ($50,000) $360,000 - $50,000) = $410,000