Sid Summitt is the owner and operator of Our Idol LLC, a motivational consultingbusiness. At the end of itsaccountingperiod, December 31, 2013, Our Idol hasassetsof $728,000 andliabilitiesof $175,000. Using the accounting equation, determine the following amounts:

a.Owner's equityas of December 31, 2013.

b.Owner's equity as of December 31, 2014, assuming that assets decreased by $138,000 and liabilities increased by $42,000 during 2014.