# Accounting Equation Penny Lyman is the owner and operator of Go109, a motivational consulting business. At the end of its accounting period, December 31, 20Y1, Go109 has assets of \$851,640 and liabili

Accounting Equation

Penny Lyman is the owner and operator of Go109, a motivational consulting business. At the end of its accounting period, December 31, 20Y1, Go109 has assets of \$851,640 and liabilities of \$269,120. Using the accounting equation and considering each case independently, determine the following amounts.

a.Penny Lyman, capital, as of December 31, 20Y1.\$fill in the blank 1b.Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by \$134,560 and liabilities increased by

\$80,910 during 20Y2.\$fill in the blank 2c.Penny Lyman, capital, as of December 31, 20Y2, assuming that assets decreased by \$67,280 and liabilities increased by

\$23,850 during 20Y2.\$fill in the blank 3d.Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by \$112,420 and liabilities decreased by

\$42,580 during 20Y2.\$fill in the blank 4e.Net income (or net loss) during 20Y2, assuming that as of December 31, 20Y2, assets were \$1,073,070, liabilities were \$174,590,

and there were no additional investments or withdrawals.\$fill in the blank 5