Terry Woods opened Par Golf as a sole proprietor by investing $50,000 cash on January 1, 2014. Because the business was new, it operated at a net loss of $10,000 for 2014. During the year, Terry withdrew $20,000 from the business for living expenses. Terry also had $4,000 of interest income from sources unrelated to the business.

Required
Present the Owner’s Equity category of Par Golf’s balance sheet as of December 31, 2014.