The following balance sheet is for X Company: Balance Sheet January 1, 2021 Equities Assets Cash $96,270 Accounts Payable Accounts Receivable 11,618 Wages Payable Inventory 159,744 Notes Payable Prepaid Rent 5,873 Paid-In Capital Equipment Total Assets 346,819 $620,324 Retained Earnings Total Equities The following summary transactions occurred during 2021: paid $86,159 to suppliers for merchandise previously purchased on account paid $20,030 for advertising sold merchandise for $497,283 on account and $223,417 for cash; the merchandise cost $403,592 agreed to a five-year rental lease for $8,000 and paid $1,600 in advance received $223,512 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? OA: $519,004 B: $607,234 C: $710,464 OD: $831,243 OE: $972,554 OF: $1,137,889 Submit Answer Tries 0/99 5. What were total liabilities on December 31, 20217 A: $131,714 B: $148,837 OC: $168,186 OD: $190,050 OE: $214,756 OF: $242,675 Submit Answer Tries 0/99 $244,651 1,432 30,126 276,986 67,129 $620,324