Using the income statement for Up-in-the-air Travel Service shown in Practice Exercise 1-4A, prepare a statement of owner’s equity for the year ended April 30, 20Y7. Jerome Foley, the owner, invested an additional $52,000 in the business during the year and withdrew cash of $34,000 for personal use. Jerome Foley, capital as of May 1, 20Y4, was $876,000.

Data from Practice Exercise 1-4A,

The revenues and expenses of Up-in-the-air Travel Service for the year ended April 30, 20Y7, follow:

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Fees carned $1,870,000 Office expense 343,000 Miscellancous expense 21,000 Wages expense 1,115,000