Part B Answer any FOUR (4) out of FIVE (5) questions. (10 x 4 = 40) Exercise 1 Taryn Corporation: The accountant for Taryn Corporation prepared the following list of account balances from the compan y's records for the year ended December 31, 2014 Sales revenue Accounts receivable Equipment $165,000 Cash 14,000 Selling expenses 42,000 Common stock 12,000 Interest income 40,000Cost of sales 22,000 Prepaid expenses 5,000 Income taxes expense 20,000 Retained earnings S 30,000 44,000 41,000 3,000 51,000 2,000 18,000 payable Salaries and wages expense Inventories Income taxes payable Notes payable Read the information for Taryn Corporation. Determine the following amounts for Taryn Corp: a) Total assets at the end of 2014 b) Total liabilities at the end of 2014 What parties have a claim on Taryn Corporation's assets? Explain you answer in the terms of the accounting equation