Chapter 20, Problem 20.3E

Please provide the correct answer to this general accounting problem using valid calculations.

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?