1. Lynn Doyle is the owner and operator of Star LLC, a motivational consulting business. At the end of its accounting period, December 31, 2009, Star has assets of $750,000 and liabilities of $293,000. Using the accounting equation, determine the following amounts:
a. Owner's equity, as of December 31, 2009.
b. Owner's equity, as of December 31, 2010, assuming that assets increased by $75,000 and liabilities decreased by $30,000 during 2010.