Assignment #1 1.  Use the accounting equation to answer each question that follows. Show any calculations you make.a.  The assets of Master Company are $380,000 and the owner’s equity is $155,000. What is the amount of the liabilities?b.  The liabilities and owner’s equity of Lee Company are $65,000 and $79,500 respectively. What is the amount of the assets?c.  The liabilities of Hake Company equal one-third of the total assets, and owner’s equity is $180,000. What is the amount of the liabilities?d.  At the beginning of the year, Jarvis Company’s assets were $310,000, and its owner’s equity was $150,000. During the year, assets increased by $45,000 and liabilities decreased by $22,500. What is the owner’s equity at the end of the year? 2.  Complete the table to indicate whether each of the following accounts is an asset, a liability, equity, revenue, or an expense. Also, indicate whether the normal balance of each account is a debit or a credit.Account Name        Account Type         Normal Balancea. Accounts Payable b. Supplies c. Capital d. Fees Earned e. Supplies Expense f. Accounts Receivable g. Unearned Revenue h. Equipment