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. 

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:
Fees earned ..........................................    $1,870,000
Office expense .....................................         343,000
Miscellaneous expense .......................           21,000
Wages expense .....................................     1,115,000

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, 20Y6, was $876,000.