Mahomes Company reported the following data at the end of its first year of operations on December 31.

Cash $ 16,000
Accounts receivable 17,000
Equipment 19,000
Land 64,000
Accounts payable 13,000
Owner investments 65,000
Mahomes, Withdrawals 32,000
Net income 70,000
(a) Prepare its year-end statement of owner's equity. Hint: Mahomes, Capital on January 1 was $0.

(b) Prepare its year-end balance sheet, using owner's capital calculated in part a.