George Littlechild started a new kitchen and bath design business called Littlechild Enterprises. The following activities occurred during its first month of operations, March 2023: a. Littlechild invested $205,000 cash and office equipment valued at $29,000 in the business. b. Purchased a small building for $690,000 to be used as an office. Paid $145,000 in cash and signed a note payable promising to pay the balance over several years. c. Purchased $3,900 of office supplies for cash. d. Purchased $81,000 of office equipment on credit. e. Littlechild made reservations at a hotel hosting a kitchen and bath design conference in August 2023. He will send a $1,900 deposit on July 1, 2023. f. Completed a project on credit and billed the client $6,100 for the work. g. Paid a local online newspaper $4,400 for an announcement that the office had opened. h. Completed a project for a client and collected $4,900 cash. 1. Made a $4,900 payment on the equipment purchased in (d). J. Received $2,950 from the client described in (f). k. Paid $8,800 cash for the office secretary's wages. 1. Littlechild withdrew $4,500 cash from the company bank account to pay personal living expenses. 3-a. Prepare an income statement. 3-c. Prepare a balance sheet. Littlechild Enterprises' assets are financed 73% by debt. What does this mean? As part of your answer, include an explanation of how the 73% was calculated. (Round your answer to the nearest whole number.) Assets result from a combination of debt and equity financing (A L+E) Littlechild Enterprises' total assets of resulted from incurring in liabilities 100=> 73%