The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash $86,393 Accounts Payable $206,155 Accounts Receivable 10,184 Wages Payable 1,133 Inventory 159,635 Notes Payable 33,648 Prepaid Rent 5,658 Paid-In Capital 297,542 Equipment 342,112 Retained Earnings 65,504 Total Assets $603,982 Total Equities $603,982 The following summary transactions occurred during 2021: . paid $82,686 to suppliers for merchandise previously purchased on account . paid $28,930 for advertising . sold merchandise for $434,186 on account and $266,114 for cash; the merchandise cost $392,168 . agreed to a four-year rental lease for $8,000 and paid $2,000 in advance . received $8,432 in cash contributions from new owners 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 were total liabilities on December 31, 2021? Submit Answer Tries 0/3