Mountain Drycleaners started 2024 with total assets of $19,000 and total liabilities of $14,000. At the end of 2024, Mountain’s total assets stood at $12,000 and total liabilities were $9,000.

Requirements
1. Did the owner’s equity of Mountain Drycleaners increase or decrease during 2024? By how much?
2. Identify the four possible reasons that owner’s equity can change.