please explain how you got your answer with math

X Your answer is incorrect. An analysis of the transactions made by Skysong. Inc, a certified public accounting firm, for the month of August is shown below. Assets Liabilities+ Stockholders'Equity Retained Earnings Accounts + Accounts Common Cash Receivable Supplies Equipment Payable Stock RevenuesExpenses Dividends 1. $16,000 2,500 700 $ 16,000 $5,500 $ 3,000 2. 3. 4. $ 700 5,700 $3,800 $ 9,500 Service Revenue 5 1.300 1.300 $ 2,000 600 600 350 4,100 Rent Expense 350 4,100 Salaries/Wages Expense 10. 300 300 Utilities Expense lb) Determine how much stockholders equity increased for the month. Increase in stockholders equity 2500 (c) Compute the amount of net income for the month 20500 Net income $ eTextbook and Media Send to Gradebook