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

Lita Lopez invested $67,000 cash and equipment valued at $35,000 in the company in exchange for its common stock.

The company purchased a building for $45,000 cash.

The company purchased equipment for $5,500 cash.

The company purchased $3,800 of supplies and $1,500 of equipment on credit.

The company paid $880 cash for advertising expenses.

The company completed a financial plan for a client and billed that client $4,500 for the service.

The company designed a financial plan for another client and immediately collected a $8,300 cash fee.

The company paid $1,500 cash in dividends to the owner (sole shareholder).

The company received $3,500 cash as partial payment from the client described in transaction f.

The company made a partial payment of $750 cash on the equipment purchased in transaction d.

The company paid $1,700 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.

\begin{tabular}{|l|l|} \hline Required 1 & Required Z \\ \hline \end{tabular} Determine the company's net income