Response to the following problem:
Assume that Joy Hospital on May 1 had $29,000 of assets, $12,000 of liabilities, and $17,000 of net assets. Subsequently, the following transactions were completed:
1. The hospital borrowed $2,500 from a local bank.
2. The hospital repaid $1,000 of the bank loan (disregard interest).
3. Supplies costing $1,800 were purchased on account and placed in inventory.
4. A new item of equipment was purchased for $4,600 cash.
5. The hospital paid $800 on its accounts payable.
6. Supplies previously purchased for $700 were sold to patients for $960 cash.
7. Patients' accounts were charged for $1,770 of hospital services rendered to them.
8. Cash collections on patients' accounts amounted to $1,150.
Required: Taking into account the cumulative effects of the eight transactions and the May 1 balances, what are Joy Hospital's (1) total assets, (2) total liabilities, and (3) total net assets?