Fritz Evans is the owner and operator of Be-The-one, a motivational consulting business. At the end of its accounting period, December 31, 2018, Be-The-One has assets of $395,000 and liabilities of $97,000. Using the accounting equation, determine the following amounts:

a. Owners equity as of December 31, 2018.

b. Owners equity as of December 31, 2019, assuming that assets decreased by $65,000 and liabilities increased by $36,000 during 2019.