Nicole Mackisey is thinking of forming her own spa business, Nicole's Getaway Spa (NGS). Nicole expects that she and two family members will each contribute $6,000 to the business and receive 600 shares each. Nicole forecasts the following amounts for the first year of operations, ending December 31, 2017: cash on hand and in the bank, $2,260; amounts due from customers from spa treatments, $1,450; building and equipment, $95,135; amounts owed to beauty supply outlets for spa equipment, $8,250; notes payable to a local bank, $69,475. Cash dividends of $1,200 will be paid to the shareholders during the year. Nicole also forecasts that first-year sales revenues will be $57,000, wages will be $34,200, the cost of supplies used up will be $8,300, selling and administrative expenses will be $7,900, and income taxes will be $2,280.