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Katherine Brewer is the stockholder and operator of You're A Star LLC, a motivational consulting business

Accounting

Katherine Brewer is the stockholder and operator of You're A Star LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y2, You're A Star has assets of $508,000 and liabilities of $122,000.

Using the accounting equation, determine the following amounts:

a. Stockholders' equity as of December 31, 20Y2. 
b. Stockholders' equity as of December 31, 20Y3, assuming that assets decreased by $97,000 and liabilities decreased by $29,000 during 20Y3. 

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