please let mw know how to calculate net income for this problem.

6 Exercise 3.7 (Algo) Preparing a statement of owner's equity and a balance sheet. LO 3-6 5 The following Taccounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and points so on. Cash Equipment 77,000 Accounts Receivable 9,400 (9) (a) (d) 2,700 eBook 187,000 (b) 27,000 2,700 (1) Accounts Payable (0) 43,000 670 10,700 4,700 Hint Supplies 43,000 Scott Hamilton, Capital 187,000 77,000 (b) Tees Income Telephone spense 670 Scott Wasilton, Drawing 4,700 be 27,000 Print Salaries Expense 10,700 (h) References Required: Prepare a statement of owner's equity and a balance sheet for Residential Relocators as of December 31, 20X1. Complete this question by entering your answers in the tabs below. Stmt of Owners Eqty Balance Sheet Prepare a statement of owner's equity for Residential Relocators as of December 31, 20X1. $ 187,000 RESIDENTIAL RELOCATORS Statement of Owner's Equity Month Ended December 31, 20X1 Scott Hamilton, Capital, Dec. 1, 20X1 Net income for December Less: Withdrawals for December Increase in Capital Scott Hamilton, Capital, Dec. 31, 20X1 4,700 (4,700) $ 182,300 es