Accounting in Action Challenge Exercise 1-1 The total assets and liabilities of Robot Company at January 1 and December 31, 2020 are presented below. January 1 December 31 Assets $76,000 $112,000 Liabilities 26,000 28,800 Instructions: 1. Assume owner's drawings of $10,800 were paid and no additional investment was made during the year. Revenues were $110,000. Compute (a) net income, and (b) expenses. 2. Assume an additional investment was made for $4,800 and no drawings were paid during the year. Expenses were $42,000. Compute (a) net income, and (b) revenues. 3. Assume an additional investment was made for $62,000 and drawings of $15,600 were paid during the year. Compute net income. 4. Assume an additional investment was made for $6,000, and net income was $51,000. Compute the drawings paid