Investors buy shares in Quietus Ltd. for $5 million. On Day One of the company's operations, $3 million is spent on assets and $4 million is borrowed from the Bank. The accounting equation at that point in time is assets: $9 million; liabilities: $4 million; equity: 5 million assets: $6 million; liabilities: $4 million; equity: 2 million assets: $9 million; liabilities: $9 million; equity: 0 million assets: \$6 million; liabilities: $1 million; equity: 5 million