Exercise 1-22 (Algo) Preparing consecutive statements of owner's equity LO P2

Jarvis began operations on January 1, Year 1 with an owner investment of $12,200. There have been no additional owner investments. In its first two years of operations, it reported the following at its December 31 year-end.

	Year 1	Year 2
Net income	$ 33,300	$ 55,500
Jarvis, Withdrawals	$ 18,080	$ 15,540

(a) Prepare the statement of owner's equity for Year 1 at its December 31 year end.

(b) Prepare the statement of owner's equity for Year 2 at its December 31 year end.