Response to the following problem:
Dr. L. M. Patton is an ophthalmologist. As of December 31, Dr. Patton owned the following property that related to his professional practice, Patton Eye Clinic: Cash, $2,995 Professional Equipment, $63,000 Office Equipment, $8,450 On the same date, he owed the following business creditors:
Munez Supply Company, $3,816
Martin Equipment Sales, $3,728
Compute the following amounts in the accounting equation.
Assets
Liabilities
Owner's Equity.