DolCor, Inc. is an accounting firm and began operations on January 1, 2021. The company used the accrual basis of accounting to record the following transactions during 2021:

a. Received $5,000 in exchange for capital stock from owners.

b. Paid $1,200 for a two-year general business insurance policy on January 1.

c. Purchased $2,500 of office supplies on account.

d. Received $48,000 on February 1 for work to be performed evenly over the next 12 months.

e. $15,000 worth of services were provided to customers on account and $40,000 worth of services were provided to customers for cash.

f. Purchased office equipment for $20,000. A cash down payment of $4,000 was made. The remaining $16,000 is due in 24 equal monthly installments beginning on January 1, 2022.

g. Paid cash for operating expenses of $18,000.

h. Paid a cash dividend of $6,000 to owners.

i. Paid $1,800 on the amount due from transaction c.

j. Collected $5,000 from customers from transaction e.

k. Recorded insurance expense incurred by year-end for transaction b.

l. Recorded the usage of $2,100 in the office supplies purchased in transaction c.

m. Recorded revenue earned by year-end for transaction d.

n. Recorded $3,000 in depreciation for the office equipment purchased in transaction f.

Which of the following statements is incorrect?

Total fixed assets on 12.31.21 were $17,000.

Total liabilities on 12.31.21 were $20,700.

Total current assets on 12.31.21 were $78,000.

Total stockholders' equity on 12.31.21 was $75,300.

Net Income for the year ended 12.31.21 was $75,300.