Section B: Short Questions [KN1, KN2: 5 B1: At the beginning of the year, Sky Company had total assets of $7,800,000 and total liabilities of $3,150,000. (KN1:2 marks) Required: Answer the following questions viewing each situation as being independent of the others. 1. If total assets increased $3,000,000 during the year, and total liabilities decreased $1,125,000, what is the amount of owner's equity at the end of the year