William Murray achieved one of his life$-$long dreams by opening his own business, The Ayayai Driving Range, on May $1,2025.$ He invested $$24,800$ of his own savings in the business. He paid $$6,680$ cash to have a small building constructed to house the operations and spent $$900$ on golf clubs, golf balls, and yardage signs. Murray leased $4$ acres of land at a cost of $$1,440$ per month. $($He paid the first month's rent in cash.$)$ During the first month, advertising costs totaled $$770,$ of which $$250$ was unpaid at the end of the month. Murray paid his three nephews $$440$ for retrieving golf balls. He deposited in the company's bank account all revenues from customers $($ $$5,080).$ On May $15,$ Murray withdrew $$820$ in cash for personal use. On May $31,$ the company received a utility bill for $$170$ but did not immediately pay it$.$ On May $31,$ the balance in the company bank account was $$19,080.$

Murray is feeling pretty good about results for the first month, but his estimate of profitability ranges from a loss of $$5,720$ to a profit of $$1,440.$

$($a$1)$

Prepare a balance sheet at May $31,2025.$ Murray appropriately records any depreciation expense on a quarterly basis. $($List Property, Plant, and Equipment in order of Buildings and Equipment.$)$

AYAYAI DRIVING RANGE Statement of Financial Position

Month Ended May $31,2025$

Assets $$

Total Assets

Liabilities