The following items are taken from the adjusted trial balance of Sutch Video Productions at December 31, 2021: Accounts Payable $ 15,000 Accounts Receivable 11,000 Accumulated DepreciationVideo Equipment 28,000 Advertising Expense 21,000 Cash 24,000 Depreciation Expense 12,000 J. Sutch, capital 102,000 J. Sutch, drawings 15,000 Insurance Expense 3,000 Note Payable (due 2023) 70,000 Prepaid Insurance 6,000 Rent Expense 17,000 Salaries Expense 34,000 Salaries Payable 3,000 Service Revenue 145,000 Supplies 4,000 Supplies Expense 6,000 Video Equipment 210,000 Instructions a) Prepare the closing entries. b)Calculate the balance of owner's equity that would appear on a balance sheet at December 31,2021