1. A business has $485,000 total liabilities and $1,200,000 total owners' equity. What is the amount of its total assets? 2. . A business has $250,000 total liabilities. At start-up, the owners invested $500,000 in the business. Unfortunately, the business has suffered a cumulative loss of $200,000 up to the present time. What is the amount of its total assets at the present time