Terry Woods opened Par Golf as a sole proprietor by investing $58,400 cash on January 1, 2017. Because the business was new, it operated at a net loss of $11,700 for 2017. During the year, Terry withdrew $20,300 from the business for living expenses. Terry also had $3,500 of interest income from sources unrelated to the business.

Required:

Calculate the balance of Owner's Equity account in Par Golf's balance sheet as of December 31, 2017.

Woods, capital

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