The records of Mercier Company show the following at December 31, 2018: (Click the icon to view the data) Requirements 1. Compute the missing amount for Mercier Company You will need to work through owners equity. 2. Did Mercier earn a net income or suffer a net loss for the year? Compute the amount. Requirement 1. Compute the missing amount for Mercier Compan% You Will need to work through owners equity. Begin by working through owners equity Rework the accounting equation and then solve for owners equity ("equity") at the beginning and end ot the period. Beginning Ending Identity the formula to show the change in equity and then complete the calculation to solve for the missing expenses for the period. (For accounts with a SO balance, make sure to enter "C' in the appropriate column. Abbreviations used: Contributions = Owner contribution; Hhdrawals = Owner withdrawal; Capital, = Capital, Beginning.) Requirement 2. Did Mercier earn e net income or suffer a net loss for the year? Compute the amount. Identity the formula and then solve for Merciers net income or loss for the period (Use parentheses or a minus sign for a net loss.) Net income (loss) Choose from any list or enter any number in the input fields and then continue to the next question O Data Table Assets & Liabilities: Beginning: s 45, 000 Liabilities 25,000 Ending: s 37000 Liabilities 32,000 Equity: Owner contribution Owner withdrawal Revenues Expenses s x 16,000 10,000 159,000