1. On 1 July, David Green started a new business. During July he carried out the following transactions:

1 July: Deposited $35,000 in a newly-opened business bank account.

2 July: Bought tools for $5,000 cash and inventories $6,000 on credit.

3 July: Borrowed $4,000 from a relative and deposited it in the bank.

4 July: Bought a van for $9,000 cash and withdrew $300 in cash for his personal use.

5 July: Bought additional tools costing $10,000. The van bought on 4 July was given in part exchange at a value of $7,000. The balance of the purchase price for the new tools was paid in cash.

6 July: Green received $3,000 as an investment from a partner and paid the amount into the business bank account. He also repaid $1,500 of the borrowings.

Required:

Prepare a statement of changes in equity for the business for the month of July.