PART B Kelton's Waterski Academy has just ended its first year of operations. After Kelton's initial investment the balance in the K. Fitzgerald, Capital account was $20,000. During the year, the business earned revenues of $25,000 and reported expenses of $13,400. Kelton withdrew $10,000 for himself over the course of the year. Please calculate the following 2a) The Net Income (or Net Loss) for Kelton's Waterski Academy. 2b) The increase (or decrease) in equity for the year. 2c) The ending balance in the K. Fitzgerald, Capital account. 2d) What will the balance in K. Fitzgerald, Capital be at the beginning of the next fiscal year? Explain. 2e) If the business earns a profit (i.e. net income), is the balance in K. Fitzgerald, Capital guaranteed to increase? Explain. 2F). What is the advantage to adding the Revenue, Expense and Drawings accounts to the ledger? 2G). What are the two ways in which Kelton could increase his business's profit