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: E (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 May 6 Favata invested $142,000 in the business, which in turn issued its common stock to her. The business paid cash for land costing $64,000. Favata plans to build an office building on the land. 9. 12 The business purchased medical supplies for $1,900 on account. 15 Dr. Ansley Favata, P.C., 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. 15-31 The business paid cash expenses: employee salaries, $2,800; office rent, $900; utilities, $100. 31 The business sold supplies to another physician for cost of $100. 31 The business borrowed $31,000, signing a note payable to the bank. 31 The business paid $600 on account.