Problem
Jan Petri is the owner and operator of Go-For-It LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y8, Go-For-It has assets of $515,000 and liabilities of $124,000. Using the accounting equation, determine the following amounts:
1. Owner's equity as of December 31, 20Y8.
2. Owner's equity as of December 31, 20Y9, assuming that assets increased by $98,000 and liabilities increased by $30,000 during 20Y9.