Question
Omega Corporation's balance sheet on February 29, 2024, revealed total assets of $900,000, liabilities of $400,000, and owner's equity of $500,000. During the year, the
ยท Omega Corporation's balance sheet on February 29, 2024, revealed total assets of $900,000, liabilities of $400,000, and owner's equity of $500,000. During the year, the company acquired a new subsidiary for $150,000, issued bonds worth $200,000 to raise capital, and paid off a portion of its accounts payable, reducing it by $50,000. Calculate the new total assets, liabilities, and owner's equity after these transactions. Additionally, determine the percentage change in total assets from the beginning to the end of the year.
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