Lake Air Interiors began the year with capital of \($20,000.\) On July 12, Cynthia Norcross (the owner) invested \($12,000\) cash in the business. On September 26, Xorcross transferred to the company land valued at \($70,000.\) The income statement for the year ended December 31, 2005, reported net income of \($65,000.\) During this fiscal year, Norcross with- drew S4,000 each month for personal use.

Requirements 

Prepare Lake Air Interiors' statement of owner's equity for the year ended December 31, 2005.