Che Allson and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc) on January 1, 2017 The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (amounts are rounded to thousands of dollars to simplify). Debit Credit $.4 5 2 7 $ 0 9 3 8 @ Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (long-term) Salaries and Wages Payable Interest Payable Income Tax Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Supplies Expense Depreciation Expense Salaries and Wages Expense Amortization Expense Interest Expense Income Tax Expense Totals 11 5 e $27 5.27 Transactions during 2018 (summarized in thousands of dollars) follow: a. Borrowed $19 cash on July 1, 2018, signing a six-month note payable b. Purchased equipment for $20 cash on July 2. c. Issued additional shares of common stock on July 3 for $5. d. Purchased additional equipment on August 4, $3 cash. e. Purchased, on account, supplies on September 5 for future use, $10. f. On December 6, recorded revenues in the amount of $63, including $9 on credit and $54 received in cash. g. Paid salaries and wages expenses on December 7. $21. h. Collected accounts receivable on December 8, $8. Pald accounts payable on December 9, $11. J. Received a $3 deposit on December 10 for work to start January 15, 2019. Data for adjusting Journal entries on December 31 k. Amortization for 2018, $3. 1. Supplies of $4 were counted on December 31, 2018 m. Depreciation for 2018, $2. n. Accrued interest on notes payable of $2 o Wages earned but not yet pald, $3. p Income tax for 2018 was $8 and will be paid in 2019. 9-a. How much net income did Lazy Sofa Furniture, Inc, generate during 2018? (Enter your answer in thousands of dollars.) Notino 9-b. Is the company financed primarily by fiabilities or stockholders' equity? Liabilities Stockholders' Equity