Exercise 3.7 (Static) Preparing a statement of owner's equity and a balance sheet. LO 3-6 The following accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local Housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on Equipment 48,eee (b (c) Accounts Receivable 5,eee (g) Cash 95,00 15,800 1,500 (+) 1.See (a) (d) (8) (e) (h) 23,600 350 5,500 2,500 Accounts Payable Supplies 23,eee Scott Hamilton, Capital 48,eee (6) 95,880 Fees Income (d) Telephone Expense 35e Scott Hamilton, Drawing (1) 2, 5ee (e) 15.00 5,eee Salaries Expense 5,500 (h Required: Prepare a statement of owner's equity and a balance sheet for Residential Relocators as of December 31, 20X1 using the account Information shown above (do not use the net Income from the previous problem - you'll need to calculate net Income from the Information above)