Cornerstone Exercise 1-15 (Algorithmic) Using the Accounting Equation At the beginning of the year, Morgan Company had total assets of $430,000 and total liabilities of $275,000 Required: Use the fundamental accounting equation to answer the following independent questions a. What is total stockholders equity at the beginning of the year b. , during the year, total assets increased by $85,000 and total abilities increased by $30,000, what is the amount of total stockholders equity at the end of the year? c. It during the year, total assets decreased by 565,000 and total stockholders' equity increased by $45,000, what is the amount of total liabilities at the end of the year? d. If, during the year, total liabilities increased by $95.000 and total stockholders' equity decreased by 575,000, what is the amount of total assets at the end of the year? College Spirit sels sportswear with logos of major universities. At the end of 2019, the following balance sheet account balances were available Accounts payable $104,700 Income taxes payable $ 11,400 Accounts receivable 6,700 Inventory 476,400 Accumulated depreciation 23,700 Long-term investment 105,900 Bonds payable 31,000 Note payable, short-term 50,000 Cash 13,300 Prepaid rent (current) 54,000 Common stock 300,000 Retained earnings, 12/31/2019 223,500 Furniture 68,000