William Beard opens a dental practice. During the first month of operation (December), the practice, titled William Beard Dental Clinic Ltd., experienced the following events. (Click the icon to view the events.) Requirements Events Dr. Beard has the following questions about his practice after the first month of operations. Provide him with the answers. a. What are the total assets of the practice? b. How much is owing to the practice from patients? c. How much does the practice owe in total? d. How much of the practice's assets does Dr. Beard have a claim to? e. How much net income did the practice earn? Dec. 6 Beard invested $43,000 in the business, which in turn issued its common shares to him. 9 The business paid cash for land costing $26,000. Beard plans to build a professional services building on the land. 12 The business purchased dental supplies for $2,300 on account. 15 William Beard Dental Clinic Ltd. officially opened for business. 1531 During the rest of the month, Beard treated patients and earned service revenue of $10,000, receiving cash for half the revenue earned. 1531 The practice paid cash expenses: employee salaries, $800; office rent, $800; utilities, $300. 31 The practice used dental supplies with a cost of $900. 31 The practice borrowed $10,000 signing a note payable to the bank. 31 The practice paid $1,300 on account to a supplier