Answer:
a) Owner's equity December 31, 2018 = 460,000
b) Owner's equity December 31, 2019 = 540,000
Explanation:
Accounting Equation Formula: Assets = Liabilities + Owner's Equity
A) Go-For-It December 31, 2018
Owner's Equity = Assets – Liabilities
Owner's Equity = 675,000 – 215,000
Owner's Equity = 460,000
B) Go-For-It December 31, 2019
Owner's Equity = Assets – Liabilities
Owner's Equity = (675,000+112,300) – (215,000+32,000)
Owner's Equity = 540,000