Answer
(a) $\$320,000$
(b) $\$80,000$
(c) $\$600,000$
Work Step by Step
(a) Total Assets = Shareholder’s Equity + Total Liabilities
Total Assets = $\$230,000 + \$90,000$
Total Assets = $\$320,000$
(b) Total Liabilities = Total Assets - Shareholder’s Equity
Total Liabilities = $\$170,00-\$90,000$
Total Liabilities = $\$80,000$
(c) Total Assets of Dain Co (Given in question) = $\$800,000$
Total Liabilities ($\$800,000/4) = \$200,000$
Shareholder's Equity = Total Assets - Total Liabilities
Shareholder's Equity = $\$800,000-\$200,000$
Shareholder's Equity = $\$600,000$
