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Consider the following independent situations: a. If the assets of a business are $115,000 and the liabilities total $85,000, how much is the owner's equity?
Consider the following independent situations:
| a. | If the assets of a business are $115,000 and the liabilities total$85,000, how much is the owner's equity? |
| b. | If the owner's equity in a business is $60,000 and the liabilities are$55,000, how much are the assets? |
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| The owner's equity is |
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