THE NET INCOME IS $52,025

The worksheet of Lantz's Office Supplies contains the following owner's equity accounts. Use this data and the net income determined in Exercise 13.3 to prepare a statement of owner's equity for the year ended December 31, 20X1. No additional investments were made during the period. ACCOUNTS 301 Terri Lantz, Capital $68,760 Cr. 302 Terri Lantz, Drawing 40,700 Dr