Using Excel to Determine Accounting Equation Amounts PROBLEM At the beginning of the year, Nowak Ltd. had the following amounts on its statement of financial position. Use this information to answer each of the following independent Beginning of year, total assets Beginning of year, total liabilities $720,000 420,000 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem and work area as indicated. a. Nowak's total assets increased during the year and total liabilities decreased in the following amounts. Increase in assets $250,000 Decrease in liabilities 80,000 What is the amount of shareholders' equity at the end of the year? Shareholders' equity, beginning of year $970,000 Shareholders' equity, end of year $340,000 During the year, Nowak's total liabilities decreased. The company reported net income, sold additional shares, and did not declare any dividends during the year. What is the amount of total assets at the end of the year? c. Nowak's total assets decreased during the year and shareholders' equity increased