Terrell Company reported the following data at the end of its first year of operations on December 31
Equipment
Accounts payable
Owner investments
Terrell, Withdrawals
Services revenue
Rent revenue
Salaries expense
Advertising expense
Utilities expense
$ 22,000
11,000
26,000
9,000
60,000
13,000
41,000
7,000
5,000
(a) Prepare its year-end income statement.
(b) Prepare its year-end statement of owner's equity, using net income calculated in part a.