E11-25 (Algo) (Chapter Supplement) Accounting for Equity Transaction for Sole Proprietorships and Partnerships LO11-7 Case 1: Matsumoto Training Academies is a sole proprietorship. To start the business, the owner, Mr. Tanaka, contributed $670,000 cash. During the year the owner withdrew $47,000 cash. Net income for the year was $62,000. Case 2: Galaxy Robotics is a partnership with two partners. To start the business, the owners, Mrs. Curtis and Mr. Wilson, each contributed $470,000 cash and agreed to split all earnings 50/50. During the year, Mrs. Curtis withdrew $23,500 cash and Mr. Wilson withdrew $42,000 cash. Net income for the year was $68,500. Required: 1. Create the statement of owners' equity for Matsumoto Training at the end of the year. 2. Create the statement of owners' equity for Galaxy Robotics at the end of the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Create the statement of owners' equity for Matsumoto Training at the end of the year. Note: Amounts to be deducted should be indicated by a minus sign. MATSUMOTO TRAINING ACADEMIES Statement of Owners' Equity At End of Year 1 Tanaka ranital Raninning of the year