(Learning Objective 3: Apply the accounting equation) Answer these questions about two companies. 1. Diamond, Inc., began the year with total liabilities of $95,000 and total stockholders equity of $35,000. During the year, total assets increased by 5%. How much are total assets at the end of the year? 2. NorthWest Airlines Ltd. began the year with total assets of $100,000 and total liabilities of $52,000. Net income for the year was $27,000, and dividends were zero. How much is stockholders equity at the end of the year