The following balance sheet is for X Company: Assets Cash Accounts Receivable. Inventory Prepaid Rent Equipment Total Assets The following summary transactions occurred during 2021: paid $87,892 to suppliers for merchandise previously purchased on account paid $23,170 for advertising sold merchandise for $468,520 on account and $252,280 for cash; the merchandise cost $403,648 agreed to a five-year rental lease for $8,000 and paid $1,600 in advance received $8,544 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What were total assets on December 31, 2021? A: $587,879 B: $687,819 C: $804,748 Submit Answer Tries 0/99 D: $941,555 E: $1,101,620 OF: $1,288,895 5. What were total liabilities on December 31, 2021? A: $77,513 B: $96,891 OC: $121,114 D: $151,392 Submit Answer Tries 0/99 E: $189,240 OF: $236,550 Balance Sheet January 1, 2021 Equities $81,610 10,383 153,657 5,524 338,940 Accounts Payable Wages Payable Notes Payable Paid-In Capital $590,114 Total Equities Retained Earnings $242,452 1,124 33,556 249,047 63,935 $590,114