Pauline Emm is the owner and operator of Power Thoughts, a motivational consulting business. At the end of its accounting period, December 31, 20Y8, Power Thoughts has assets of $382,000 and liabilities of $94,000. Using the accounting equation, determine the following amounts: a. Owner's equity as of December 31, 20Y8. $fill in the blank 1 b. Owner's equity as of December 31, 20Y9, assuming that assets decreased by $63,000 and liabilities increased by $35,000 during 20Y9. $fill in the blank 2 On February 3, Gallatin Repair Service extended an offer of $115,000 for land that had been priced for sale at $131,000. On February 28, Gallatin Repair Service accepted the seller's counteroffer of $125,000. On October 23, the land was assessed at a value of $188,000 for property tax purposes. On January 15 of the next year, Gallatin Repair Service was offered $200,000 for the land by a national retail chain. At what value should the land be recorded in Gallatin Repair Service's records? $fill in the blank 1