Daryl Wallin is the owner and operator of Pima LLC, a motivational consulting business.
At the end of its accounting period, December 31, 2007, Pima has assets of $617,000 and liabilities of $382,000. Using the accounting equation, determine the following amounts:
a. Owner's equity, as of December 31, 2007.
b. Owner's equity, as of December 31, 2008, assuming that assets increased by $114,000 and liabilities decreased by $29,000 during 2008.