2. The following balances of assets and liabilities are given to you on December 2016: Inventory with a book value of $ 10,000 and market value of $ 12,000 Accounts Receivables $ 15,000 Allowance for doubtful debts $1,000 Accounts Payable $ 9,500 Equipment at cost $ 25,000, accumulated depreciation $ 5,000 Prepaid insurance $ 4,000 of which $2,500 is expired. Wages payable $ 1,500 Cash $8,000 Withdrawals $2,000 Required: Present the information in balance sheet form to determine the balance of owner's equity on December 31, 2016