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 asole proprietorshipowned 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 apartnershipowned 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 acorporation.

1) Provide all the closing entries required at December 31 for each of the separate cases. (5 journal entries)

2) Show how the statement of owners' equity would appear at December 31 for Case A and Case B.

Case A: Sole Proprietorship - Partial Balance sheet

Case B: Partnership - Statement of Partner's Equity