Using the income statement for Zenith Travel Service shown in Practice Exercise 1-4B, prepare a statement of owner’s equity for the year ended August 31, 20Y4. Megan Cox, the owner, invested an additional $43,200 in the business during the year and withdrew cash of $21,600 for personal use. Megan Cox, capital as of September 1, 20Y3, was $456,000.

Data From Practice Exercise 1-4B,

The revenues and expenses of Zenith Travel Service for the year ended August 31, 20Y4, follow:

Fees earned ..........................................    $899,600 

Office expense ......................................     353,800 

Miscellaneous expense ........................       14,400 

Wages expense .....................................     539,800