Great City Builders' balance sheet data at May 31, 2016, and June 30, 2016, follow: (Click the icon to view the balance sheet data.) For each of the following situations with regard to owner's contributions and withdrawals of the business, compute the amount of net income or net loss during June 2016 a. The owner contributed $12,500 to the business and made no withdrawals. b. The owner made no contributions. The owner withdrew cash of $2,000. c. The owner made contributions of $10,000 and withdrew cash of $8.000. III Begin by identifying the accounting equation and the formula expressed by the statement of owner's equity (the "equity equation"): (Abbreviation used: Account. = Accounting.) Account. equation: Equity equation: For each of the following situations with regard to owner's contributions and withdrawals of the business, compute the amount of net income or net loss during June 2016. (Use a minus sign or parentheses for a net loss.) a. The owner contributed $12.500 to the business and made no withdrawals Net income (loss) $ b. The owner made no contributions. The owner withdrew cash of $2,000. Net income (loss) = $17 X c. The owner made contributions of $10,000 and withdrew cash of $8,000. Data table Net income (loss) = 8 May 31, 2016 June 30, 2016 Total assets s 222,000 $ 263,000 Total liabilities 99,000 66,000 Print Done