On January 1, Lumia Company’s liabilities are $60,000 and its equity is $40,000. On January 3, Lumia purchases and installs solar panel assets costing $10,000. For the panels, Lumia pays $4,000 cash and promises to pay the remaining $6,000 in six months. What is the total of Lumia’s assets after the solar panel purchase?

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Q: Answer the following questions.

A: Hey, Since there are multiple questions posted, we will answer first question. If you want any…

Q: a . On January 1 , Lumia Company's abilities are $ 80,000 and its equity is $ 60,000 on January 3 ,…

A: Hi student Since there multiple questions, we will answer only first question.

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