At the beginning of the year, Xul Ltd. had total assets of $720,000 and total liabilities of $420,000. Use this information to answer each of the following independent questions.

(b)During the year, Xul's total liabilities decreased by $100,000. The company reported net income of $90,000, sold additional shares for $125,000, and did not declare any dividends during the year. What is the amount of total assets at the end of the year?

(c)If Xul's total assets decreased by $90,000 during the year and shareholders' equity increased by $120,000, what is the amount of total liabilities at the end of the year?