Using the income statement for Sentinel Travel Service shown in Practice Exercise 1-4B, prepare a statement of owner's equity for the year ended August 31, 2016. Barb Schroeder, the owner, invested an additional $36,000 in the business during the year and withdrew cash of $18,000 for personal use. Barb Schroeder, capital as of September 1, 2015, was $380,000.

Fees earned...........................................$750,000
Office expense.........................................295,000
Miscellaneous expense..............................12,000
Wages expense.........................................450,000