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Joyce Higgins started Computer Software Services on January 1, 2017. The company experienced the following events during its first year of operation.
Acquired $20,000 cash by issuing common stock.
Paid $5,000 cash to purchase land.
Received $32,000 cash for providing computer consulting services to customers.
Paid $12,500 cash for salary expenses.
Acquired $4,000 cash from the issue of additional common stock.
Borrowed $15,000 cash from the bank.
Purchased additional land for $15,000 cash.
Paid $14,000 cash for other operating expenses.
Paid a $2,500 cash dividend to the stockholders.
Determined that the market value of the land is $18,000.
Required
What is the net income earned in 2017?
b. What is the amount of total assets at the end of 2017
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