At the beginning of 2003, Marena Sanchez decided to go into business making and selling decorative artificial plants. During the year ended December 31, 2003, Sanchez had the following transactions:

a. Withdrew $20,000 from a personal savings account and deposited that amount in a new checking account to be used solely for the business. Paid cash to purchase $12,000 of materials needed to make plants. Invested another $24,000 in the business. Sold 450 plants during the year at $60 each for cash. Incurred and paid operating expenses for the year of $10,500. At the end of the year, $4,000 of materials remained on hand. The cost of materials used was transferred to a cost of goods sold account. g. Withdrew $5,000 for personal use. Ey On(Oy Gun) Prepare journal entries to record the transactions, and prepare a statement of owner's capital for the year.