A sole proprietorship was started on January 1, 2014, when it received $53,500 cash from Alex Ard, the owner. During 2014, the company earned $35,900 in cash revenues and paid $21,940 in cash expenses. Ard withdrew $5,000 cash from the business during 2014. Required Prepare an income statement for Ard's 2014 fiscal year. ALEX ARD SOLE PROPRIETORSHIP Income Statement For the Year Ended December 31, 2014 Prepare a capital statement (statement of changes in equity) for Ard's 2014 fiscal year. ALEX ARD SOLE PROPRIETORSHIP Capital Statement For the Year Ended December 31, 2014 Beginning capital balance Plus: Capital acquired from owner Plus: Net income Less: Withdrawal by owner 0 Ending capital balance