Broadening Your Perspective 1-5 Kathy and James Mohr, local golf stars, opened the Chip-Shot Driving Range Company on March 1, 2017. They invested $25,000 cash and received common stock in exchange for their investment. A caddy shack was constructed for cash at a cost of $8,000, and $800 was spent on golf balls and golf clubs. The Mohrs leased five acres of land at a cost of $1.000 per month and paid the first month's rent. During the first month, advertising costs totaled $750, of which $150 was unpaid at March 31, and $400 was paid to members of the high-school golf team for retrieving golf balls. All revenues from customers were deposited in the company's bank account. On March 15, Kathy and James received a dividend of $1,000. A $100 utility bill was received on March 31 but was not paid. On March 31, the balance in the company's bank account was $18,900. Kathy and James thought they had a pretty good first month of operations. But, their estimates of profitability ranged from a loss of $6,100 to net income of $2,450 Answer the following. Assets Cash 18,900 8,000 800 Total Assets 27,700 Liabilities and Stockholders' Equity 150 100 Common Stock 25,000 2,450 Total Liabilities and Stockholders' Equity 27,700