Problem 1 In Year 1, Kirk Company was started when it issued 1,400 shares of $5 par value common stock at a market price of $25 per share. The company repurchased 550 shares at a market price of $20 per share. During the year, Kirk Company earned $50,000 of revenue on account and $25,000 of cash revenue. Operating expenses were $40,000. The company also paid a $5,000 dividend on December 31. (3 points) Question 1 - What is the total amount of stockholders' equity at December 31, Year 1 for irk Company? Problem 2 Tiger Company reported the following asset and liability balances at the end of Year 1 and Year 2: Assets Liabilities Year 1 $260,000 $175,000 Year 2 $290,000 $180,000 (3 points) Question 2 - If Tiger Company paid dividends totaling $7,000 in year 2, what is the amount of net income for Year 2?