Assume for each of the following independent cases that the annual accounting period ends on December 31. Revenues for the year were $144,000. Expenses for the year were $164,000. Case A: Assume that the company is a sole proprietorship owned by Proprietor A. Prior to the closing entries, the capital account reflects a balance of $52,000 and the drawing account shows a balance of $9,000. Case B: Assume that the company is a partnership owned by Partner A and Partner B. Prior to the closing entries, the owners' equity accounts reflect the following balances: A, Capital, $43,000; B, Capital, $43,000; A, Drawings, $5,000; and B, Drawings, $7,000. Profits and losses are divided equally. Case C: Assume that the company is a corporation. P11-12 Part 2 2. Show how the statement of owners' equity would appear at December 31 for Case A and Case B. Case A: Sole Proprietorship Statement of Owner's Equity A, Capital, January 1 [Less: Net loss Total Less: Withdrawals A, Capital, December 31 $ 52,000 9,000