James Stewart was reviewing his business activities at the end of the year (February 29,2024 ) and needs your help to prepare a statement of owner's equity. At the beginning of the year, his assets were $501,000 and his liabilities were $150,000. At the end of the year the assets had grown to $951,000 but liabilities had increased to $300,000. The profit for the year was $420,000. James had withdrawn $120,000 during the year for his personal use. Prepare a statement of owner's equity in good form. (List items that increase owner's equity first.)