Profit $($loss$),$ dividends, and owners investments cause equity to change. We also know that revenues less expenses equal profit $($loss$).$ Using the following information, calculate profit $($loss$)$ for each independent situation.a$.$ The business earned revenues of $$554,000$ and had expenses of $$511,000.$b$.$ The business showed expenses of $$335,000$ and revenues of $$184,000.$c$.$ The retained earnings at the beginning of the month was $$51,000.$ During the month, the owner did not get dividends. At the end of the month, the retained earnings totalled $$124,000.$d$.$ The retained earnings at the beginning of the month was $$67,000.$ During the month, the owner got dividends of $$59,000.$ The retained earnings at the end of the month totalled $$109,000.$ Exercise $2.$On November $1,2023,$ Jean Higgins started a wedding planning company, Extraordinary Studios. On November $30,2023,$ the companys records showed the following items. Cash$$24,000$Accounts receivable $18,600$Office supplies $6,600$Automobiles $52,000$Office equipment $26,530$Accounts payable $9,100$Common stock $100,000$Dividends $5,760$Wedding consulting revenue $38,000$Rent expense $3,350$Advertising expense $7,600$Telephone expense $1,840$Utilities expenses $820$ Use the above information to prepare a November income statement for the business. Exercise $3.$Use the above information $($from Exercise $2)$ to prepare a November $30$ balance sheet for Extraordinary Studios.Analysis Component:Identify how much of the assets held by Extraordinary Studios are financed by the owner, Jean Higgins.