Isabel Lopez’s consulting business, Biz Consulting, reports the following accounting equ...

Isabel Lopez’s consulting business, Biz Consulting, reports the following accounting equation balances on December 31, 2010, the end of its first year of operations.

Required

1. Compute net income for 2010.

2. Prepare a statement of owner’s equity for 2010 and a balance sheet as of December 31, 2010.