Jarvis began operations on January 1, Year 1 with an owner investment of $12,400. There have been no additional owner investments. In its first two years of operations, it reported the following at its December 31 year-end. Year 1 Year 2
Net income $ 33,600 $ 56,000
Jarvis, Withdrawals $ 19,080 $ 15,680

(a) Prepare the statement of owner's equity for Year 1 at its December 31 year end.
(b) Prepare the statement of owner's equity for Year 2 at its December 31 year end.