At the end of its first month of operations, JMP Consulting reported net income of $29,500. They also had account balances of: Cash, $21,000; Office Supplies, $2,750 and Accounts Receivable, $11,500. The owner's total investment for this first month was $5,750. There were no owner withdrawals in the first month. Calculate the ending balance in the Owner's Capital account to be reported on the Statement of Owner's Equity.

2. A company purchased a new delivery van at a cost of $47,000 on July 1. The delivery van is estimated to have a useful life of 5 years and a salvage value of $3,500. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the van during the first year ended December 31?

2.