Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations.find net income

Lita Lopez invested $70,000 cash and office equipment valued at $10,000 in the company in exchange for its common stock. The company purchased an office suite for $40,000 cash. The company purchased office equipment for $15,000 cash. The company purchased $1,200 of office supplies and $1,700 of office equipment on credit. The company paid a local newspaper $500 cash for printing an announcement of the office's opening. The company completed a financial plan for a client and billed that client $2,800 for the service. The company designed a financial plan for another client and immediately collected a $4,000 cash fee. The company paid $3,275 cash in dividends to the owner (sole shareholder). The company received $1,800 cash as partial payment from the client described in transaction f. The company made a partial payment of $700 cash on the equipment purchased in transaction d. immediately collected a $4,000 cash fee. 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. The company paid $1,800 cash for the office secretary's wages for this period. Required: 1. Enter the amount of each transaction on individual items of the accounting equation. (Enter decreases to account balance with a minus sign.) 2. Determine the company's net income. 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 in exchange for its common stock. 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. 8. 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). 1. 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. 5 Required: 1. Enter the amount of each transaction on individual items of the accounting equation. (Enter decreases to account balance with a minus sign.) 2. Determine the company's net income