Presented below is selected information related to Li Fashions at December 31, 2020. Li reports financial information monthly. Equipment Cash Service Revenue Rent Expense Accounts Payable HK$10,000 Utilities Expense HK$ 4,000 8,000 Accounts Receivable 9,000 36,000 Salaries and Wages Expense 7,000 11,000 Notes Payable 16,500 2,000 Dividends 5,000 a. Determine the total assets of Li at December 31, 2020. b. Determine the net income that Li reported for December 2020. c. Determine the equity of Li at December 31, 2020.