Dr. Ansley Favata opened a medical practice. During the first month of operations (May), the business, named Dr. Ansley Favata, Professional Corporation (P.C.), had the following events: (click the icon to view the events) Calculate total assets, total liabilities, and total stockholders' equity of the business on May 31 Total assets. Total liabilities Total stockholders' equity Favata invested $142,000 in the business, which in turn issued its common stock to her. May 6 9 The business paid cash for land costing $64,000. Favata plans to build an office building on the land. 12 The business purchased medical supplies for $1,900 on account. 15 Dr. Ansley Favata, .., officially opened for business. 15-31 During the rest of the month, Favata treated patients and earned service revenue of $9,600, receiving cash for half the revenue earned. The business paid cash expenses: employee salaries, $2,800; office rent, $900; utilities, $100. The business sold supplies to another physician for cost of $100. The business borrowed $31,000, signing a note payable to the bank. The business paid $600 on account. 15-31 31 31 31