Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. a. Lita Lopez invested $65,000 cash and equipment valued at $39,000 in the company in exchange for its common stock b. The company purchased a building for $41,000 cash. c. The company purchased equipment for $5,100 cash. d. The company purchased $3,600 of supplies and $1,300 of equipment on credit. e. The company paid $990 cash for advertising expenses. f. The company completed a financial plan for a client and billed that client $4,800 for the service. g. The company designed a financial plan for another client and immediately collected a $8,700 cash fee. h. The company paid $1,000 cash in dividends to the owner (sole shareholder). i. The company received $3,800 cash as partial payment from the client described in transaction f. j. The company made a partial payment of $650 cash on the equipment purchased in transaction d. k. The company paid $2,500 cash for the secretary's 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. Assets Liabilities Equity Cash Accounts Receivable Supplies + Equipment Building Accounts Payable + Common Stock Dividends + Revenues Expenses a $ 65,000 + + + $ 39,000 + + + + + + + = + b. Balance after a and b + + 0 + 65,000 + 0 + 0 + 39,000 + 0 = 0 0 + 0 0 + + C. + + + + + + 65,000 + 0 + 0 + 39,000 + 0 0 = 0 + 0 0 + 0 0 Balance after d. Balance after d + + + + = + + 65,000 + 0 + 0 + 39,000 + 0 = 0 + 0 0 + 0 0 e + + + + + + 65,000 + 0 + 0 + 39.000 + 01 = 0 + 0 0 + 0 - 0 + + + + + + 65,000 + 0 + 0 + 39,000 + 01 = 0 + 0 - 0 + 0 - 0 + + + + = + + Balance after e f. Balance after f g. Balance after g h. Balance after h i. Balance after i 65,000 + 0 + 0 + 39,000 + 0 = 0 + 0 - 0 + 01 - 0 + + + + + + + 65,000 + 0 + 0 + 39,000 + 0 = 0 + 0 - 0 + 0 - 0 + + + = + + 65,000 + 0 + 0 + 39,000 + 0 0 = 0 + 01 - 0 + 0 0 - 0 + + + + + + 65,000 + 0 + 0 + 39,000 + 0 0 = 0 + 0 0 + 0 0 - 0 j Balance after j k. Balance after k + + + + + + $ 65,000 + $ 0 + $ 0 + $ 39,000 + $ 01 = $ 0 + $ 0 $ 0 + $ 0 $ 0