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

1. Lita Lopez invested $64,000 cash and equipment valued at $32,000 in the company in exchange for its common stock.
2. The company purchased a building for $46,000 cash.
3. The company purchased equipment for $5,900 cash.
4. The company purchased $3,900 of supplies and $1,100 of equipment on credit.
5. The company paid $920 cash for advertising expenses.
6. The company completed a financial plan for a client and billed that client $4,500 for the service.
7. The company designed a financial plan for another client and immediately collected a $8,500 cash fee.
8. The company paid $1,800 cash in dividends to the owner (sole shareholder).
9. The company received $3,500 cash as partial payment from the client described in transaction f.
10. The company made a partial payment of $550 cash on the equipment purchased in transaction d.
11. The company paid $1,900 cash for the secretarys wages for this period.

Required: 1. Enter the amount of each transaction on individual items of the accounting equation. 2. Determine the company's net income.