View Policies Show Attempt History Current Attempt in Progress On May 1, Sunland Company, a company that provides flying lessons, was started by using common stock in exchange for ca- $45,350. Following are the assets and liabilities of the company on May 31, 2022, and the revenues and expenses for the mo May. Cash $5,000 Notes Payable $28,000 Accounts Receivable 7,750 Rent Expense 1,200 Equipment 64,350 Maintenance and Repairs Expense 650 Service Revenue 7,150 Gasoline Expense 2,200 Advertising Expense 850 Utilities Expense 100 Accounts Payable 1,750 No additional investments were made in May, but the company paid dividends of $150 during the month.