Musqueam Culinary Experiences operates a successful catering business specializing in Indigenous food and beverages. Musqueam Culinary Experiences’ financial statements for 2023, 2024, and 2025 show the following assets, liabilities, and owner’s equity. For each year, indicate if there is an error or not. If there is an error, what is wrong?

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2023 2024 2025 Assets $ 400,000 700,000 1,000,000 Liabilities $200,000 400,000 500,000 Owner's Equity $300,000 200,000 500,000