Assume for each of the following independent cases that the annual accounting period ends on December 31. Revenues for the year were $144,000. Expenses for the year were $164,000.
Case A: Assume that Rise Up Company is a sole proprietorship owned by Mrs. Rise. Prior to the closing entries, the capital account reflects a balance of $52,000 and the drawing account shows a balance of $9,000.
Case B: Assume that Rise Up Company is a partnership owned by Mrs. Rise and Mr. Up. Prior to the closing entries, the owners’ equity accounts reflect the following balances: Rise, Capital, $43,000; Up, Capital, $43,000; Rise, Drawings, $5,000; and Up, Drawings, $7,000. Profits and losses are divided equally.
Case C: Assume that Rise Up Company is a corporation.

Required:
1. Provide all the closing entries required at December 31 for each of the separate cases.
2. Show how the statement of equity would appear at December 31 for Case A and Case B.