Selected T accounts for R. E. Hall Company are as follows:

Prepare a statement of owner’s equity.

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Income Summary R. E. Hall, Drawing Dec. 31 Dec. 31 111,000 Dec. 31 152,000 Mar. 16 5,000 Dec. 31 June 30 7,000 Closing 35,000 Closing 41,000 Oct. 14 9,000 Nov. 17 14,000 R. E. Hall, Capital Dec. 31 35,000 Jan. 1 Balance 117,000 May 2 4,000 Dec. 31 41,000