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

1. Lita Lopez invested $65,000 cash and office equipment valued at $37,000 in the company in exchange for its common stock.
2. The company purchased an office suite for $41,000 cash.
3. The company purchased office equipment for $5,800 cash.
4. The company purchased $3,400 of office supplies and $1,600 of office equipment on credit.
5. The company paid a local newspaper $920 cash for printing an announcement of the offices opening.
6. The company completed a financial plan for a client and billed that client $4,000 for the service.
7. The company designed a financial plan for another client and immediately collected a $8,400 cash fee.
8. The company paid $1,800 cash in dividends to the owner (sole shareholder).
9. The company received $3,000 cash as partial payment from the client described in transaction f.
10. The company made a partial payment of $800 cash on the equipment purchased in transaction d.
11. The company paid $2,000 cash for the office secretarys 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.