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The beginning of the year balances for Shaw Industries were: Assets $122,000, Liabilities $69,000, and Equity $53,000. If the company purchased equipment costing $56,000 with $6,000 cash and incurred a note payable for the balance, by what amount did the equity section of the Balance Sheet change as a result of this purchase?

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The beginning of the year balances for Shaw Industries were: Assets $122,000, Liabilities $69,000, and Equity $53,000. If the company purchased equipment costing $56,000 with $6,000 cash and incurred a note payable for the balance, by what amount did the equity section of the Balance Sheet change as a result of this purchase?






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