Use the accounting equation to answer each question below. 

1. At the beginning of the year, Fazio Company’s assets were $45,000 and its stockholders’ equity was $25,000. During the year, assets increased by $30,000 and liabilities increased by $5,000. What was the stockholders’ equity at the end of the year? 

2. At the beginning of the year, Gal Company had liabilities of $50,000 and stockholders’ equity of $96,000. If assets increased by $40,000 and liabilities decreased by $30,000, what was the stockholders’ equity at the end of the year?