Q137: Mackowsky LP started a new business on December 1, 2021. That same day, Mackowsky LP also received $230,000 of cash from issuing common stock and borrowed $450,000 from a friend. On December 1, 2021, Mackowsky LP also purchased equipment for $288,000. The equipment has a useful life of 72 months. On December 1, 2021, Mackowsky also paid $124,800 in cash to rent office space for a 48 month period. During 2021, the Company provided services valued at $27,200 and had collected $16,320 of that amount at year-end. The company will collect the remaining portion in the following year. The company's payroll for 2021 was $18,500, which was paid in full during 2021. Use this information to find the company's net income in 2021, its cash flow from operations in 2021, and total assets as of December 31, 2021.