E3-13 Quikwash Laundromat began the year with capital of $155.000. On July 12, Kent Carmichael (the owner)

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E3-13 Quikwash Laundromat began the year with capital of $155.000. On July 12, Kent Carmichael (the owner) invested $12.000 cash in the business. On September 26. he transferred to the company land valued at $70,000. The income statement for the year ended December 31, 20X5. reported a net loss of $28,000. During this fiscal year. Carmichael withdrew $1.500 monthly for personal use. Required 1. Prepare the laundromat's statement of owner's equity for the year ended December 31. 20X5. 2. Did the owner's equity of the business increase or decrease during the year? What caused this change?

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