Selected transactions for Garver Company during its first month in business are presented below. Sept. 1 5 11 Invested $25,000 cash in the business in exchange for common stock Purchased equipment for $27,000 paying $6,000 in cash and the balance on account. Performed $3,900 of services for clients, collecting $1,000 cash and billing them for the remainder. Paid $7,000 cash on balance owed for equipment, Declared and paid a $600 cash dividend. Collected $1,200 from the clients from the September 11 transactions. 25 30 30 (b) Post the transactions using the standard account form. Cash No. 101 Date Explanation Ref Debit Credit Balance 1 31 J1 > 31 J1 31 Question 3 of 10 172 J1 Accounts Receivable No. 112 Balance Date Credit Debit Explanation Ref J1 31 No. 157 Equipment Balance Credit Debit Date Explanation Ref 31 No. 201 Accounts Payable Credit Balance Debit Date Explanation Ref 31 Common Stock Date Explanation Ref No. 311 Debit Credit Balance 11 Date Dividends Debit No. 332 Explanation Ref Credit Balance 01 Service Revenue Debit No. 400 Date Explanation Ref Credit Balance J1 (c) Your answer is partially correct. Based only on these transactions, what amount would Garver Company report as total assets and total liabilities in the October 31 balance sheet? Total assets $ 42300 Total Liabilities $