Question1. Kendra Gorman is the owner and operator of Mega Concepts, a motivational consulting business At the end of its accounting period, December 31, 2013, Mega Concepts has assets of $1,250,000 and liabilities of $475,000 Using the accounting equation and considering each case independently, determine the following amounts: a. Owner's equity, as of December 31, 2013. b. Owner's equity, as of December 31, 2014, assuming that assets increased by $225,000 and liabilities increased by $110,000 during 2014. c. Owner's equity, as of December 31, 2014, assuming that assets decreased by$300,000 and liabilities increased by $90,000 during 2014. d. Net income (or net loss) during 2014, assuming that as of December 31, 2014, assets $1,500,000, libilities were $375,000 and there were no additional investments or withdrawals,