= Homework: Ch 1 Homework B - Graded Question 3, EF1-23 Part 2 of 2 During 2024. Pacific Breeze Spa reported revenue of $45,000. Total expenses for the year were $38,000. Pacific Br year-end 2023, the business reported total assets of $32,000 and total liabilities of $16,000 Read the requirements Requirement 1. Compute Pacific Breeze Spa's net income for 2024 Begin by identifying the formula to calculate net income and then enter the amounts to solve for net income. Revenues Expenses Net Income $ 45,000 38,000 $ 7,000 Requirement 2. Did Pacific Breeze Spa's owner's equity increase or decrease during 2024? By how much? Pacific Breeze Spa's equity during the year by SCOI During 2024, Pacific Breeze Spa reported revenue of $45,000. Total expenses for the year were $38,000. Pacific Breeze Spa ended the year year-end 2023, the business reported total assets of $32,000 and total liabilities of $16,000 Read the requirements Requirement 1. Compute Pacific Breeze Spa's net income for 2024. Begin by identifying the formula to calculate net income and then enter the amounts to solve for net income Revenues Expenses Net Incomo $ 45,000 38,000 $7,000 Requirement 2. Did Pacific Breeze Spa's owner's equity increase or decrease during 2024? By how much? Pacific Breeze Spa's equity during the year by