The following balance sheet is for X Company: Balance Sheet January 1, 2021 Equities Assets Accounts Cash $88,197 $224,087 Payable Accounts 12,378 Wages Payable 1,228 Receivable Inventory 154,717 Notes Payable 30,251 Prepaid Rent 5,334 Paid-In Capital 261,903 Retained Equipment 330,268 73,425 Earnings Total Assets $590,894 Total Equities $590,894 The following summary transactions occurred during 2021: paid $86,317 to suppliers for merchandise previously purchased on account purchased $304,980 of merchandise on account and $164,220 for cash sold merchandise for $462,784 on account and $260,316 for cash; the merchandise cost $412,167 paid $5,061 for land and equipment received $213,841 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? Submit Answer Tries 0/3 5. What was total owners' equity on December 31, 2021