At the beginning of the current year, Mass Company's total assets were $247,000 and its total liabilities were $170,000. During the year, the company reported total revenues of $91,000, total expenses of $72,000 and owner withdrawals of $3,000. There were no other changes in owner's capital during the year, and total assets at the end of the year were $280,000.
1. Calculate Mass Company's owner's equity at the end of the current year.
2. Calculate Mass Company's total liabilities at the end of the current year