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Ch. 1Exercise 2Correct answer:eBookThe Accounting EquationGinger Enterprises began the year with total assets of $500,000 and total liabilities of $250,000. Using this information and the accounting equation, answer each of the following independent questions.1. What was the amount of Ginger's owners' equity at the beginning of the year?2. If Ginger's total assets increased by $100,000 and its total liabilities increased by $77,000 during the year, what was the amount of Ginger's owners' equity at the end of the year?