Kathy and James Mohr, local golf stars, opened the Cheyenne Driving Range Company on March 1, 2022. They invested $25,200 cash and received common stock in exchange for their investment. A caddy shack was constructed for cash at a cost of $8,500, and $850 was spent on golf balls and golf clubs. The Mohrs leased five acres of land at a cost of $1,200 per month and paid the first month's rent. During the first month, advertising costs totaled $700, of which $160 was unpaid at March 31, and $390 was paid to members of the high-school golf team for retrieving golf balls. All revenues from customers were deposited in the company's bank account. On March 15, Kathy and James received a dividend of $1,050. A $100 utility bill was received on March 31 but was not paid. On March 31, the balance in the company's bank account was $18,600. Kathy and James thought they had a pretty good first month of operations. But, their estimates of profitability ranged from a loss of $6,600 to net income of $2,490. Answer the following.