The December 31, 2021, adjusted trial balance for the Pink Petal Corporation is presented below.

Account Title	Debits	Credits
Accounts payable		66,000
Accounts receivable	315,000
Accumulated depreciation		238,000
Advertising expense	4,400
Cash	36,100
Common stock		400,000
Cost of goods sold	432,000
Depreciation expense	57,000
Interest expense	3,400
Interest payable		1,700
Inventory	47,000
Notes payable (due in six months)		51,000
Office equipment	570,000
Prepaid rent	11,500
Rent expense	34,500
Retained earnings, January 1, 2021		135,000
Salaries expense	108,000
Salaries payable		7,200
Sales revenue		720,000
Totals	1,618,900	1,618,900

1. Calculate Net Income for the year ending December 31, 2021.

2. Calculate Total Assets to be reported as of December 31, 2021.

3. Calculate Total Shareholders Equity to be reported as of December 31, 2021.