S 1-7 Applying the accounting equation LO A1 a. Total assets of Charter Company equal $860,000 and its equity is $500,000. What is the amount of its liabilities? b. Total assets of Martin Marine equal $660,000 and its liabilities and equity amounts are equal to each other. What is the amount of its labilities? What is the amount of its equity? a. 860,000 b. 660,000 500,000 Prev 10, 12 Next 4) 8