Lita Lopez started Biz Consulting a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invested $70,000 cash and office equipment valued at $10,000 in the company. b. The company purchased an office suite for $40,000 cash c. The company purchased office equipment for $15,000 cash d. The company purchased $1,200 of office supplies and $1,700 of office equipment on credit. e. The company paid a local newspaper $500 cash for printing an announcement of the office's opening. f. The company completed a financial plan for a client and billed that client $2,800 for the service. g. The company designed a financial plan for another client and immediately collected a $4,000 cash fee. h. The company paid $3,275 cash in dividends to the owner (sole shareholder) i. The company received $1,800 cash as partial payment from the client described in transaction f j. The company made a partial payment of $700 cash on the equipment purchased in transaction d. k. The company paid $1,800 cash for the office secretary's wages for this period. Assets Office Office Accounts Office Suite Cash + Supplies Equipment Receivable + + a. b. + + + 0+ Bal 0 0 0+ C + + + + + C Bal. 0 0 C + + + + d. + + Bal. C 0+ C C + + + + + e. Bal. C 0+ C + + f + Bal 0 0 0 C + + + Bal 0+ 0+ + + h. + + Bal. + + i. + + Bal. 0 + + j. + Bal, 0+ C + k. + $ C Bal. + + Il C + + + + O .. Liabilities Equity Common Stock Accounts Dividends Revenues Expenses + + Payable + + C 0 0 0 0 + 0+ 0 0 C C + + + 0 0 0 + + 0 0 0 + + C 0 - + - + C 0 0 C 0 + + 0 10 + 0 0 + 0 0 0 + 0 0 0 0 + O II II I + O + + + + II I II 2. Determine the company's net income. Net income