please answer with correct and detailed calculations and explanations. make sure supporting statements are also provided for each step and calculation.

Statement of Owner's Equity; Net Loss Selected accounts from the ledger of Masterpiece Arts for the fiscal year ended April 30, 20Y2, are as follows: Angelo Phelps, Capital Angelo Phelps, Drawing April 30 7,200 May 1 (20Y1) 427,600 July 31 1,800 April 30 7,200 April 30 58,100 Oct. 31 1,800 Jan. 31 1,800 April 30 1,800 Prepare a statement of owner's equity for the year. Masterpiece Arts Statement of Owner's Equity For the Year Ended April 30, 20Y2 Angelo Phelps, capital, May 1, 20Y1 427,600 Net loss 50,900 X Withdrawals Decrease in owner's equity 1,800 X Angelo Phelps, capital, April 30, 20Y2 V 7,200 X