Belinda Copperhill is a sole proprietor who began her business in 2022 with $40,000 cash. During the year 2022, she earned revenues of $360,000, incurred expenses of $150,000, and withdrew $240,000. Which of the following is true for the sole proprietorship?

		The net income is $240,000
		The capital account balance at the end of year 2022 is $10,000.
		The owner's equity at the end of 2022 is $250,000.
		The drawing account will be closed with a credit of $200,000.