On May 1, 2020, Ivanhoe Flying School Ltd., a company that provides flying lessons, was started with an investment of 38,700 cash in the business. Following are the assets and liabilities of the company on May 31, 2020, and the revenues and expenses for the month of May (all amounts in thousands). Cash 3,870 Notes Payable 24,080 Accounts Receivable 6,380 Rent Expense 860 Equipment 55,040 Maintenance and Repairs Expense 344 Service Revenue 5,848 Gasoline Expense 2,150 Advertising Expense 430 Utilities Expense 344 Accounts Payable 1,204 No additional investments were made in May, but the company paid dividends of 414,000 during the month.