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

a. Lita Lopez invested $63.000 cash and office equipment valued at $31,000 in the company in exchange for its common stock. b. The company purchased an office suite for $49,000 cash. c. The company purchased office equipment for $5,800 cash. d. The company purchased $3,300 of office supplies and $1,100 of office equipment on credit. e. The company pald a local newspaper $880 cash for printing an announcement of the office's opening f. The company completed a financial plan for a client and billed that client $4,200 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 $1,600 cash in dividends to the owner (sole shareholder). i. The company recelved $3,200 cash as partial payment from the client described in transaction f j. The company made a partial payment of $550 cash on the equipment purchased in transaction d k. The company paid $1,800 cash for the office secretary's wages for this period. Required 2. Enter the amount of each transaction on individual items of the accounting equation. (Reductions in account balances should be indicated with a minus sign.) Equity Liabilities Accounts Office Office Accounts Common Cash+Receivable+Supplies Equipment+Office Suite Payable+ Stock DividendsRevenuesExpenses Bal Assets Liabilities Equity Accounts Office Office Accounts Common Cash +Receivable+ Supplies+ Equipment+Office SuitePayableStockDividends+Revenues Expenses Bal Bal Bal Bal Bal Bal Bal Bal Bal k. 3. Determine the company's net income. Net income