Jody Padget owns and operates Padget Advertising Services. On January 1, 2007, Jody Padget, Capital had a

Question:

Jody Padget owns and operates Padget Advertising Services. On January 1, 2007, Jody Padget, Capital had a balance of $550,600. During the year, Jody invested an additional $50,000 and withdrew $40,000. For the year ended December 31, 2007, Padget Advertising Services reported a net income of $68,150. Prepare a statement of owner's equity for the year ended December 31, 2007.