Presented below is selected information related to Kirby Company at December 31, 2020. Kirby reports nancial information monthly.

• Accounts Payable $ 3,000
• Cash 6,500
• Advertising Expense 6,000
• Service Revenue 53,500
• Equipment 29,000
• Salaries and Wages Expense $16,500
• Notes Payable 25,000
• Rent Expense 10,500
• Accounts Receivable 13,500
• Owners Drawings 7,500

1. Determine the total assets of Kirby Company at December 31, 2020.
2. Determine the net income that Kirby Company reported for December 2020.
3. Determine the owners equity of Kirby Company at December 31, 2020.