Exercise (10): At the beginning of the year, Keats Company had total assets of $550,000 and total liabilities of $200,000. Answer the following independent questions. (1) If total assets increased $200,000 during the year, and total liabilities decreased $75,000, what is the amount of owner's equity at the end of the year? (2) During the year, total liabilities increased $230,000 and owner's equity decreased $90,000. What is the amount of total assets at the end of the year? Chapter 1-55