14 points 1. Use the following information to create a balance sheet for Aggie Farms. The business and personal assets are kept separate. The information below relates only to the business. All the information is on a cost basis. (note: I would set up a balance sheet with places for current and non-current assets and liabilities and owner equity. I would then put all the information below in the appropriate sections. Then complete the Asset side of the balance sheet. Finally complete the Liability and owner equity side.) 5,000 510,000 8,000 Prepaid expenses 3,000 Accounts payable Investment in growing crops 20,000 Land Notes payable (due within 12 56,000 Current portion term debt this months) includes what will be paid next Mortgages (doesn't include portion 243,000 year on all non-current debt) to be paid in the next 12 months) Accrued interest Notes (due beyond 12 months) 128,000 Income tax payable Machinery and Equipment 190,000 Accounts Receivable Cash 23,000 Buildings Supplies ? Total current assets Deferred tax on current assets 34,000 Owner Equity 21,000 ? 27,000 140.000 163,000 499,000 26