400.000 Owner's Equity Justin Berk, capital Total liabilities and owner's equity $ 975,000 $ 1,375,000 b. Owner's equity, March 31 Owner's equity, February 29 Net income $ 975,000 $ 840,000 135,000 c. 3 m Owner's equity, March 31 Owner's equity, February 29 Increase in owner's equity Withdrawals Net income $ 975,000 $ 840,000 $ 135,000 1 2 3 -4 55 56 57 68 69 70 71 72 73 74 Ex. 1-21 Edit her made no during the month. c. Determine the amount of net income for March, assuming that the owner made no additional investments but withdrew $50,000 during the month