Trixie and Katya open a property company. During the first month of operation (March), the company, named, TK Holdings Ltd. experienced the following events below.

March 6: Trixie and Katya invested $60,000 in the business, which in turn issued its common shares to them.

March 9: The business paid cash for land costing $30,000. They plan to build a motel on the land.

March 12: The business purchased supplies for $3,500 on account.

March 15: They officially opened for business.

March 15-31: During the rest of the month, they rented out a portion of their land for a concert. They charged $8,000, receiving cash for half the revenue earned.

March 15 - 31: The compnay paid cash expenses: employee salaries, $1,400; offfice rent, $1,000; utilities $300.

March 31: The company used supplies with a cost of $250.

March 31: The company borrowed $30,000, signing a note payable to the bank.

March 31: The company paid $2,000 on account to a supplier.

Answer the following questions. Hint: You will have to prepare a transaction analysis.

i). What are the total assets of the company?

ii). How much is owing to the company from customers?

iii). How much does the company owe in total?

iv). How much of the company's assets does Trixie and Katya have a claim to?

v). How much net income did the company earn?