At the beginning of the year, Shaolin Company had total assets of $520,000 and total liabilities of $210,000. Answer the following questions viewing each situation as being independent of the others.
1. During the year, total liabilities increased $230,000 and stockholders' equity decreased $90,000. What is the amount of total assets at the end of the year?
2. If total assets decreased $40,000 and stockholders' equity increased $130,000 during the year, what is the amount of total liabilities at the end of the year?