Abbie Marson is the sole owner and operator of Great Plains Company. As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $940,000 and liabilities of $300,000. During Year 2, Marson invested an additional $73,000 and withdrew $33,000 from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $995,000, and liabilities were $270,000? a $50,000 5370,000 545.000 d. 5106,000 Transactions On June 1 of the current year, Maria Edsall established a business to manage rental property. She completed the following transactions during June: a. Opened a business bank account with a deposit of $34,000 from personal funds, b. Purchased supplies (pens, le folders, and copy paper) on account, $3,210. c. Received cash from fees earned for managing rental property, $8,800. d. Paid rent on office and equipment for the month, $3,940. e. Paid creditors on account, $1,460. 1. Billed customers for fees earned for managing rental property, $7,300. 9. Pald automobile expenses for month, 5880, and miscellaneous expenses, 5440. h. Paid chce salaries, $2,770. Determined that the cost of supplies on hand was $1,900; therefore, the cost of supplies used was $1,310. 1. Withdrew cash for personal use, $2,630. Required: 1. Indicate the effect of each transaction and the balances after each transaction: For those boxes in which no entry is required, leave the box blank For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) Assets - Liabilities + Owner's Equity Marta Item Cash + Accounts Receivable + Supplies - Accounts Payable + Maria Edsalt Capital Edsall, Drawing Fees Earned Rent Expense Sal. Expense Supp. Expense A Ex