Zoe Backus owns and operates Backus Advertising Services. On January 1, 20Y3, Zoe Backus, Capital had a balance of $157,450. During the year, Zoe invested an additional $7,900 and withdrew $55,100. For the year ended December 31, 20Y3, Backus Advertising Services reported a net income of $43,000. Prepare a statement of owner's equity for the year ended December 31, 20Y3. Use the minus sign to indicate negative values. Backus Advertising ServicesStatement of Owner's EquityFor the Year Ended December 31, 20Y3   $Zoe Backus, capital, January 1, 20Y3     $Additional investment during 20Y3     Net income     Withdrawals     Increase in owner's equity     $Zoe Backus, capital, December 31, 20Y3

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is