The following balance sheet is for X Company: Balance Sheet January 1, 2021 Equities Accounts Payable Assets Cash $85,210 Accounts Receivable 14,552 Wages Payable Inventory 151,504 Notes Payable Prepaid Rent 6,276 Paid-In Capital Equipment Total Assets 338,051 $595,593 Total Equities Retained Earnings $232,941 1,259 30,270 259,452 71,671 $595,593 The following summary transactions occurred during 2021: paid $85,184 to suppliers for merchandise previously purchased on account purchased $281,645 of merchandise on account and $151,655 for cash sold merchandise for $447,237 on account and $262,663 for cash; the merchandise cost $376,247 paid $5,114 for land and equipment received $236,023 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? A: $690,417 B: $780,171 OC: $881,594 Submit Answer Tries 0/99 D: $996,201 E: $1,125,707|| OF: $1,272,049 5. What was total owners' equity on December 31, 2021? A: $272,292 B: $340,365 OC: $425,457 OD: $531,821 E: $664,776 OF: $830,970