1. What is the net income?

2. What is the balance of TOTAL ASSETS?

Cash 100,000 Capital stock Prepaid equipment rental 100,000 24,000 Cash 24,000 Prepaid facilities rent Cash Direct materials inventory Accounts payable Work-in-process inventory Direct materials inventory Work-in-process inventory (labor) 36,000 36,000 72,000 72,000 40,000 40,000 20,000 Cash 20,000 30,000 Work-in-process inventory Accounts payable Finished goods inventory 30,000 65,000 65,000 Work-in-process inventory Selling & administrative expense Cash 6,000 6,000 Accounts receivable 80,000 Sales 80,000 Cost of goods sold 50,000 Finished goods inventory 50,000 Work-in-process inventory 5,000 Prepaid equipment rental Prepaid facilities rent 2,000 3,000