QS 1-7 Applying the accounting equation LO A1 a. Total assets of Charter Company equal $720,000 and its equity is $430,000. What is the amount of its liabilities? b. Total assets of Martin Marine equal $520,000 and its liabilities and equity amounts are equal to each other. What is the amount of its liabilities? What is the amount of its equity? Liabilities Assets $ 720,000 $ 520,000 Equity 430,000 + a b $ 1