The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $85,593 Accounts Payable $226,376 Accounts Receivable 14,218 Wages Payable 1,404 Inventory 153,449 Notes Payable 30,112 Prepaid Rent 6,316 Paid-In Capital 264,017 Equipment 328,823 Retained Earnings 66,490 Total Assets $588,399 Total Equities $588,399 The following summary transactions occurred during 2021: borrowed $4,939 from the bank . purchased $309,465 of merchandise on account and $166,635 for cash . sold merchandise for $473,891 on account and $233,409 for cash; the merchandise cost $367,796 . agreed to a four-year rental lease for $10,000 and paid $2,500 in advance . received $8,204 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? OA: $52,096 OB: $69,288 OC: $92,153 OD: $122,564 OE: $163,010 OF: $216,803 Submit Answer Tries 0/99 5. What was total owners' equity on December 31, 2021? OA: $347,246 OB: $434,058 OC: $542,572 OD: $678,215 OE: $847,769 OF: $1,059,711 Submit Answer Tries 0/99