Fall 2021 1.John Taylor operates a skating rink. At the end of its accounting period, Dec 31, 2020, taylor.s skating rink has assets of $ 500,000 and liabilities of $ 175,000. Using the accounting equation, determine the following amounts: (A) Owner's Equity as of Dec31, 2020. (B) Owner's equity as of Dec 31, 2021, assuming the assets increased by $ 165,000 and liabilities increased by $135,000 during 2021. 2. Determine the missing amounts for each of the following: Assets Liabilities owner's Equity $ 38,500 $ 14,200 ? 44,800 $118,000 ? $75,900 ? 43,000 3.Tom Cruz company has liabilities equal to one fourth of its total assets. Cruz's Owner's Equity is $120,000. Using the accounting equation, what is the amount of liabilities for Cruz? 4. On September 8, Germany company purchased supplies worth $ 30,000 on account. On September 22nd paid the entire bill of September 8th Prepare journal entries for the above transactions. 5. On August 9, warner company purchased a Building and a plot of land for a lump sum of $1,000,000. The Building was valued at $ 800,000, while the Land carried a value of 4 200,000. Warner paid $ 200,000 down in cash and signed a note payable for the balance. Prepare journal entry for the above transaction