Proprietorship Accounting}

Dan Hawalchuk, proprietor, opened a financial counselling business on January 1, 2018. The business generated a profit of \(\$ 70,000\) for the year ended December 31, 2018. The proprietor's drawings for 2018 were \(\$ 80,000\). The owner contributed \(\$ 25,000\) of capital in 2018.

\section*{Required:}
Prepare a statement of proprietorship's equity for the year ended December 31, 2018.
\section*{Problem