Exercise 3.7 (Algo) Preparing a statement of owner's equity and a balance sheet. LO 3-6 The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on. Equipment 71,000 Accounts Receivable 8, 200 (c) (f) 2, 100 (a) (d) (g) Cash 181, 000 (b 21,000 (e) 2, 100 (h) (i) Accounts Payable (c) 37,000 610 10, 100 4, 100 Supplies 37,000 Scott Hamilton, Capital (a) 71,000 (b) 181, 000 Fees Income Telephone Expense Scott Hamilton, Drawing (i) 4, 100 (e) 610 (d) (f) 21,000 8, 200 Salaries Expense 10, 100 (h) Required: Prepare a statement of owner's equity and a balance sheet for Residential Relocators as of December 31, 20X1. Complete this question by entering your answers in the tabs below. Stmt of Owners Eqty Balance Sheet Prepare a statement of owner's equity for Residential Relocators as of December 31, 20X1. RESIDENTIAL RELOCATORS Statement of Owner's Equity Month Ended December 31, 20X1 0 $ 0 Stmt of Owners Eqty Balance Sheet Prepare a balance sheet for Residential Relocators as of December 31, 20X1. RESIDENTIAL RELOCATORS Balance Sheet December 31, 20X1 Assets Liabilities Owner's Equity Total Assets $ 0 Total Liabilities and Owner's Equity $ 0