1. Wizco Advertising's balance sheet data at May 31, 2024, and June 30, 2024, follow: 1(Click the icon to view the balance sheet data.) Read the requirement. Begin by identifying the accounting equation and the formula expressed by the statement of owner's equity (the "equity equation"): Assets = Liabilities + Equity Accounting equation: Equity equation: Capital, Beginning + Owner contribution + Net income or - Net loss - Owner withdrawal = Capital, Ending For each of the following situations with regard to owner's contributions and withdrawals of the business, compute the amount of net income or net loss during June 2024. (Use a minus sign or parentheses for a net loss.) a. The owner contributed $10,000 to the business and made no withdrawals. Net income (loss) is 2,000 b. The owner made no contributions. The owner withdrew cash of $3,000. Net income (loss) is c. The owner made contributions of $12,500 and withdrew cash of $30,000. Net income (loss) is 1: Data Table May 31, 2024 Total Assets Total Liabilities 122,000 $ 66,000 June 30, 2024 287,000 144,000 2: Requirement For each of the following situations that occurred in June, 2024 with regard to owner contributions and owner withdrawals, compute the amount of net income or net loss during June 2024. a. The owner contributed $10,000 to the business and made no withdrawals. b. The owner made no contributions. The owner withdrew cash of $3,000. c. The owner made contributions of $12,500 and withdrew cash of $30,000.