Gurjeet and Anu incorporated "I Love Accounting Inc."

Each contributed $50,000 cash to start the business and received 10 shares each.

Now, after completing its first year of operations on December 31, 2021, they had the following balances in the accounts:

cash on hand and in the bank, $49,950; amounts due from customers from sales of books, $35,900; property and equipment, $52,000; amounts owed to publishers for books purchased, $3,000; two-year note payable to a local bank for $6,850; Retained Earnings: $28,000 No dividends were declared or paid to the shareholders during the year. Required:

1. Please Calculate Total Assets

2. Please Calculate Total Liabilities

3. Please Calculate Total Shareholder's Equity (Hint: Yes, Retained Earnings is part of Shareholder's Equity)