The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $87,214 Accounts Payable $226,909 Accounts Receivable 13,956 Wages Payable 1,345 Inventory 153,817 Notes Payable Prepaid Rent 6,036 Paid-In Capital Equipment Total Assets 330,381 $591,404 Retained Earnings Total Equities 31,631 270,824 60,695 $591,404 The following summary transactions occurred during 2021: paid $84,581 to suppliers for merchandise previously purchased on account purchased $319,808 of merchandise on account and $179,892 for cash sold merchandise for $478,368 on account and $246,432 for cash; the merchandise cost $427,632 agreed to a four-year rental lease for $10,000 and paid $2,500 in advance received $223,841 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? Submit Answer Tries 0/3