Part 3) Application /22 1) Prepare the December 31 owner's equity section of the balance sheet for the A. Michaels legal firm for each of the following three years: 16 2011 - Capital balance Jan. 1, $50 000; Net loss for the year $16 500; Drawings $20 000 2012 - Capital balance $ ; Net income for the year $46 000; Drawings $35 000 2013 - Capital balance $ ; Net income for the year $98 000; Drawings $60 000