On May 1, Sunland Company, a company that provides flying lessons, was started by using common stock in exchange for cash of $45,350. Following are the assets and liabilities of the company on May 31, 2022, and the revenues and expenses for the month of May. Cash $5,000 Notes Payable $28,000 Accounts Receivable 7,750 Rent Expense 1,200 Equipment 64,350 Maintenance and Repairs Expense 650 Service Revenue 7,150 Gasoline Expense 2,200 Advertising Expense 850 Utilities Expense 100 Accounts Payable 1,750 Revenues Service Revenue Expenses Advertising Expense Rent Expense Maintenance and Repairs Expense Gasoline Expense Utilities Expense Total Expenses Net Income/(Los) Sunland Company Income Statement For the Month Ended May 31, 2022 850 1.200 650 7.150