Chapter 13, Problem 5DQ

Please explain the solution to this financial accounting problem with accurate explanations.

At the beginning of the year, Quartz Enterprises' liabilities equal $60,000. During the year, assets increase by $92,000, and at year-end, assets equal$240,000. Liabilities decrease by $12,000 during the year. What are the beginning and ending amounts of equity?

I am looking for the correct answer to this general accounting question with appropriate explanations.