X Company was formed on July 1, 2017, and had the following transactions during the rest of 2017: received $8,236 in cash contributions from the owners purchased $8,379 worth of merchandise, all on account sold merchandise that cost $6,140 for $10,234, all on account paid $3,936 to suppliers for merchandise purchased on account received $3,793 from customers for merchandise sold on account paid $5,194 for land and equipment borrowed cash from the bank in the amount of $4,600 What were total equities on December 31, 2017 (ignore depreciation on the equipment and interest on the loan)? 12420 Submit Answer Incorrect. Tries 2/3 Previous Tries