Got it! So, we have 7711 and 7012, and we'll subtract the latter from the former.

Step 1: We'll start by subtracting the digit 2 and the borrow 0 from 1 in column 1 and get -1.
We add -1 to 10 and get 9 as the first digit of the result.

Step 2: We'll start by subtracting the digit 1 and the borrow 1 from 1 in column 2 and get -1.
We add -1 to 10 and get 9 as the next digit of the result.

Step 3: We'll start by subtracting the digit 0 and the borrow 1 from 7 in column 3 and get 6.
6 is the next digit of our result.

Step 4: We'll start by subtracting the digit 7 and the borrow 0 from 7 in column 4 and get 0.
0 is the next digit of our result.

So, 7711 - 7012 = 699.