The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $87,214 Accounts Payable Accounts Receivable 13,036 Wages Payable Inventory 156,277 Notes Payable Prepaid Rent 6,209 Paid-In Capital Equipment Total Assets 324,340 $587,076 Retained Earnings Total Equities The following summary transactions occurred during 2021: borrowed $4,458 from the bank purchased $323,610 of merchandise on account and $145,390 for cash sold merchandise for $427,800 on account and $285,200 for cash; the merchandise cost $392,150 paid $5,707 for land and equipment received $8,712 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What was the cash balance on December 31, 2021? A: $36,583 B: $53,045 C: $76,916 OD: $111,528 E: $161,715 OF: $234,487 Submit Answer Tries 0/99 5. What was total owners' equity on December 31, 2021? A: $351,316 B: $396,987 C: $448,595 OD: $506,913 E: $572,812 OF: $647,277 Submit Answer Tries 0/99 $236,127 1,025 32,209 250,510 67,205 $587,076