The following information is available from the records of LoopTech Services. On January 1, Velma Morgan, Capital had a balance of $392,500. During the year, no additional owner investments were made, and $25,000 of owner withdrawals were made. For the year ended December 31, LoopTech reported a net loss of $38,700.

Required:

Prepare a statement of owners equity for the year ended December 31. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or there is a decrease in owners equity, enter that amount as a negative number using a minus sign. Entries of 0 (zero) are not required and will be cleared if entered.