Requirement 2. Did Smith earn a net income or suffer a net loss for the year? Compute the amount. Identify the formula and then solve for Smith's net income or loss for the period. (Use a minus sign or parentheses for a loss.) 1=Netincome(loss)= Rearrange the formula to compute the change in retained earnings and then solve for the missing expense amount for Smith Company. (Abbreviations used: Beg. retained earnings = Beginning retained earnings; End. retained earnings = Ending retained earnings.) \begin{tabular}{ccccc} \hline+ & - & - & = Expenses \\ + & - & - & = \end{tabular} Requirement 1. Compute the missing amount for Smith Company. You will need to determine Retained Earnings, December 31,2024, and total stockholders' equity, December 31,2024. Begin by determining total stockholders' equity. Rework the accounting equation and then solve for stockholders' equity ("equity") at the beginning and end of the period. BeginningEnding===Equity