Accounting equation shannon cook is the stockholder and operator of personality shine llc, a motivational consulting business. at the end of its accounting period, december 31, 2017, personality shine has assets of $836,000 and liabilities of $201,000. using the accounting equation, determine the following amounts: a. stockholders' equity as of december 31, 2017? b. b. stockholders' equity as of december 31, 2018, assuming that assets decreased by $159,000 and liabilities decreased by $48,000 during 2018

In march 2018, the phillips tool company signed two purchase commitments. the first commitment requires phillips to purchase inventory for $110,000 by june 15, 2018. the second commitment requires the company to purchase inventory for $160,000 by august 20, 2018. the company's fiscal year-end is june 30. phillips uses a periodic inventory system. the first commitment is exercised on june 15, 2018, when the market price of the inventory purchased was $90,000. the second commitment was exercised on august 20, 2018, when the market price of the inventory purchased was $125,000. required: prepare the journal entries required on june 15, june 30, and august 20, 2018, to account for the two purchase commitments. assume that the market price of the inventory related to the outstanding purchase commitment was $144,000 at june 30. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)