On December 1 of the current year, Rob Elliot invested $34,250 of his cash to form a proprietorship, GGE Enterprises. After all transactions have been entered into the accounting equation, the following are the ending balances for selected items on December 31. On that date, the financial statements were prepared. The statement of owner's equity for GGE Enterprises reported Rob Elliot's owner's equity as of December 31 at $37,970. The balance sheet reported total liabilities and owner's equity of $54,900.