X Company was created on September 1. During September, the company had the following transactions: Received $81,000 from a group of investors and received a $90,000 loan from the bank. Bought $8,737 of merchandise, $3,388 for cash and $5,349 on account. Bought equipment costing $9,700, paying the manufacturer $5,600 in cash and promising to pay the remaining $4,100 next month. Sold merchandise for $20,990, of which $16,615 was for cash and $4,375 was on account; cost of the merchandise was $10,495. Paid $3,074 to suppliers for merchandise previously bought on account. Collected $2,681 from customers on account. Paid wages of $5,880. Paid a total of $540 for rent and insurance in advance. Recorded depreciation of $1,500. Recorded $105 for rent and insurance that had expired. 6. What were total equities on September 30? 7. What was Net Income in September?