1-4 Calculate Net Income for each of the situations below. a. Revenues = $1,350,000; Expenses = $950,000. b. Revenues = $1,350,000; Expenses = $950,000; Gains $10,000 c Revenues = $1,350,000; Expenses = $950,000; Gains = $10,000; Losses = $5,000. d. Revenues $1,350,000; Expenses = $950,000; Losses = $35,000. e. Revenues = $1,350,000; Expenses = $1,450,000; Gains $10,000 f. Revenues = $1,350,000; Expenses = $1,450,000; Losses = - $10,000. 1-5. Explain the concept of equity