A sole proprietorship had the following assets and liabilities at the beginning and end of this year. Assets $ 60,000 $20,000Endoftheyear l05,000 36.000Determine the net income earned or net loss incurred by the business during the yearfor each of the following separatecases:as Owner made no investments in the business and no withdrawals were made during the year. b, Owner made no investments in the business but withdrew $1,250 cash per month for personal usec. Owner made no withdrawals during the year but did invest an additional $55,000 cash, d, Owner withdrew $1,250 cash per month for personal use and invested an additional $35,000 cash.