During the year, Gibson Company's assets decreased $50,000 and its liabilities decreased $90,000. Its owner's equity therefore O increased $40,000. decreased $140,000. O decreased $40,000. O increased $140,000. Save for Later Attempts: 0 of 1 used Submit Answer

During the year, Gibson Company's assets decreased $50,000 and its liabilities decreased $90,000. Its owner's equity therefore increased $40,000. decreased $140,000. decreased $40,000. increased $140,000