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QUESTION

Just before Johnson Laboratories opened for business, Howard Johnson, the owner, had the following assets and liabilities.

Just before Johnson Laboratories opened for business, Howard Johnson, the owner, had the following assets and liabilities.

cash $40,300

Laboratory Equipment 75,400

Laboratory Supplies 6,600

Loan Payable 14,900

Accounts Payable 9,825

Determine the totals that would appear in the firm's fundamental accounting equation.

Assets_________

Liabilities__________

Owner's Equity__________________

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