s 4 and 5 refer to the following information The following balance sheet is for X Company: Assets Balance Sheet January 1, 2021 Equities Cash $97,598 Accounts Payable Accounts Receivable 11,587 Wages Payable Inventory 152,816 Notes Payable Prepaid Rent Equipment Total Assets 5,448 317,470 $584,919 Paid-In Capital Retained Earnings Total Equities The following summary transactions occurred during 2021: paid $86,912 to suppliers for merchandise previously purchased on account purchased $288,558 of merchandise on account and $129,642 for cash sold merchandise for $499,284 on account and $224,316 for cash; the merchandise cost $419,688 paid $5,597 for land and equipment received $228,686 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021? Submit Answer Tries 0/3 5. What was total owners' equity on December 31, 2021? Submit Answer Tries 0/3 $213,851 1,203 32,851 268,472 68,542 $584,919