Chris Evensen opened a medical practice specializing in surgery. During the first month of operation (May), the business, titled Chris Evensen, Professional Corporation (P.C.), experienced the following events:

May 6 Evensen invested $39,000 in the business, which in turn issued its common stock to him.

May 9 The business paid cash for land costing $26,000.Evensen plans to build an office building on the land.

May 12 The business purchased medical supplies for $2,200 on account.

May 15 Chris Evensen, P.C., officially opened for business.

May 15-31 During the rest of the month, Evensen treated patients and earned service revenue of $7,800, receiving cash for half the revenue earned.

May 15-31 The business paid cash expenses: employee salaries, $800; office rent: $900; utilities: $100.

May 31 The business sold supplies to another physician for cost of $800.

May 31 The business borrowed $13,000, signing a note payable to the bank.

May 31 The business paid $1,100 on account.

Analyze the effects of these events on the accounting equation of the medical practice of Chris Evensen, P.C. (Use parentheses or a minus sign for numbers to be subtracted. Enter transactions in the same order as they appear in the original list.) 

After completing the analysis, answer these questions about the business.

a. How much are total assets?

b. How much does the business expect to collect from patients?

c. How much does the business owe in total?

d. How much of the business's assets does Evensen really own?

e. How much net income or net loss did the business experience during its first month of operations.

Analysis of Transactions LIABILITIES + Note Payable + ASSETS Accounts STOCKHOLDERS'EQUITY Accounts Medical Cash + Receivable + Supplies + Land - Payable + Common Stock + 39,000 Type of Stockholders' Equity Transaction Issued stock Retained Date Mar. 6 39,000 9 (26,000) Earnings 26,000 12 2,200 2,200 Not a transaction of the business. 3,900 (800) (900) (100) 800 15 15-31 15-31 3,900 7,800 Service revenue (800) Salary expense (900) Rent expense (100) Utilities expense (800) 31 31 13,000 31 (1,100) 27.800 13,000 (1,100) 1.100 39,000 13,000 6,000 26,000 3,900 1,400 Bal. 59,100 59,100