The following balance sheet is for X Company: Assets Balance Sheet January 1, 2021 Equities Cash $86,150 Accounts Payable Accounts Receivable 10,255 Wages Payable Inventory 158,821 Notes Payable Prepaid Rent 5,519 Paid-In Capital Equipment Total Assets 324,476 $585,221 Retained Earnings Total Equities The following summary transactions occurred during 2021: paid $87,406 to suppliers for merchandise previously purchased on account purchased $312,195 of merchandise on account and $168,105 for cash sold merchandise for $470,809 on account and $231,891 for cash; the merchandise cost $365,404 agreed to a four-year rental lease for $10,000 and paid $2,500 in advance received $217,725 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What were total equities on December 31, 2021? Submit Answer Tries 0/3 7. What was total owners' equity on December 31, 2021? Submit Answer Tries 0/3 $229,944 1,281 31,960 248,937 73,099 $585,221