Develop a completed balance sheet, and completed statement of deferred taxes (including the Valuation Equity report).

2017 2017 53,000 187,000 50,000 31,000 10,000 Asaf December 31, 2017 ASSETS CURRENT ASSETS Cash Savings & short-term deposits Marketable securities (at market) Accounts receivable Inventories: Supplies and other Raw Inputs Intermediate goods Completed Goods Cash investment in work-in-progress Prepaid expenses Other currentassets - business Other currentassets - personal TOTAL CURRENT ASSETS LIABILITIES AND OWNER EQUITY CURRENT LIABILITIES Accounts payable Noles payable within 1 year Current portion of all term debt Accrued interest Accrued expenses Accrued taxes Accrued business expenses Other accrued items Current portion-deferred taxes Other current liabilities - business Other current liabilities - personal 3,000 3,000 37,000 3,851 0 0 29,500 311,500 TOTAL CURRENT LIABILITIES 100851 NONCURRENT ASSETS Intermediate assets (at market) Machinery & equipment(at market) 175,000 b. 165,000 Investments in capital leased assets Investments in cooperatives Investments in other business entities NONCURRENT LIABILITIES Noncurrent portion ofterm business debt Non-real estate debt Notes with original maturity less than 10 years Notes with original maturity greater than 10 years Real estate debt Notes with original maturity less than 10 years Notes with original maturity greater than 10 years Noncurrent portion-deferred taxes Other noncurrent liabilities - business Other noncurrent liabilities - personal 65,000 Business realestate (at market) Land Buildings TOTAL NONCURRENT LIABILITIES 165,000 Other noncurrentassets -business (at market) Other noncurrentassets-personal (at market) TOTAL NONCURRENT ASSETS 177,001 50,000 467,001 TOTAL LIABILITIES 265,851 X 100,000 406,761 OWNER EQUITY Contributed capital Retained earnings Valuation equity TOTAL OWNER EQUITY TOTAL LIABILITIES & OWNER EQUITY O TOTAL ASSETS 778,501 512,651 778,501 NOTES to accompany Financial Statements: Book values (costless depreciation) Financial and other investments Machinery and equipment Real-estate land Real-estate buildings 35,000 180,000 As of: December 31, 2017 Market Value Tax Basis Difference Current Portion 45,000 45,000 Valuation of Specific Current Asset Items Marketable securities Inventories Accounts receivable Cash investment in work in progress Prepaid expenses 29,500 29,500 1. Excess of Market Value over Tax Basis of Current Assets (Sum) 74,500 53,000 10,000 Deductions Accounts payable Accrued interest Accrued taxes Other accrued expenses 2. Total deductions 3,0001 66,000 $ 3. Current portion of deferred taxable income [1 -2, zero if negative) 8,500 30% 4. Estimated federal and state income tax rate 5. Deferred federal and state tax expense (3x4] 6. Estimated self-employment tax rate 7. Social Security Tax Income Limit 8. Deferred self-employment tax [the minimum of 3x6 or 7] 9. Total current portion of deferred income taxes [5+8] 2,550 15.3% 128,400 1,301 3,851 Noncurrent Portion Market Value Tax Basis Gain/Loss Deferred taxable income from noncurrent assets Real Estate - Land Machinery and equipment Real Estate - Buildings Other Noncurrent Assets 10. Noncurrent portion of deferred taxable income (sum, zero if negative) 11. Estimated federal and state income tax rate 12. Total noncurrent portion of deferred taxes (10x11] Valuation Equity: Gain/Loss O Real Estate - Land Machinery and equipment Real Estate - Buildings Other Business Assets Financial Assets/Marketable Securities Less: Personal Liabilities NonCurrent Deferred Taxes Other Total Valuation Equity lolol 187,000 175,000 32,000 518,000 15,000 14,000 8,000 20,500 Soovios. -*- Ecodorows> x Cash on hand and in checking account Market value of all equipment 2016 Income taxes paid in 2017 Cash operating expenses paid in 2017 Principal portion of 15-year loan due in 2018 Principal paid on 15-year loan during 2017 Inventories: Supplies Insurance premiums for 2018 paid in Dec. 2017 Investment in local brewery made in 2016 for $50,000, estimated market value of 65,000 as of 12/31/17 Change in accounts payable during 2017 Inventories: Completed goods Principal balance on operating (short-term) loan Accrued interest on 15-year note Accrued interest on operating (short-term) loan Rent for January 2018, paid in Dec. 2017 Accumulated depreciation on equipment Accrued income, social security, and payroll taxes 2018 liquor license fees, paid in Dec. 2017 Original cost of all equipment owned Legal/accountant services used in 2017, bill not yet received Accounts payable Total principal balance on 15-year loan Mutual funds valued at $50,000 as of 12/31/17, book value of $35,000 Capital originally contributed by owner(s) ??? 1,500 37,000 16,000 9,000 1,000 5,000 80,000 21,000 4,000 260,000 3,000 53,000 180,000 ??? 100,000 Other: Federal tax rate Self-employment tax rate State tax rate 25% 15.30% 5% 2017 2017 53,000 187,000 50,000 31,000 10,000 Asaf December 31, 2017 ASSETS CURRENT ASSETS Cash Savings & short-term deposits Marketable securities (at market) Accounts receivable Inventories: Supplies and other Raw Inputs Intermediate goods Completed Goods Cash investment in work-in-progress Prepaid expenses Other currentassets - business Other currentassets - personal TOTAL CURRENT ASSETS LIABILITIES AND OWNER EQUITY CURRENT LIABILITIES Accounts payable Noles payable within 1 year Current portion of all term debt Accrued interest Accrued expenses Accrued taxes Accrued business expenses Other accrued items Current portion-deferred taxes Other current liabilities - business Other current liabilities - personal 3,000 3,000 37,000 3,851 0 0 29,500 311,500 TOTAL CURRENT LIABILITIES 100851 NONCURRENT ASSETS Intermediate assets (at market) Machinery & equipment(at market) 175,000 b. 165,000 Investments in capital leased assets Investments in cooperatives Investments in other business entities NONCURRENT LIABILITIES Noncurrent portion ofterm business debt Non-real estate debt Notes with original maturity less than 10 years Notes with original maturity greater than 10 years Real estate debt Notes with original maturity less than 10 years Notes with original maturity greater than 10 years Noncurrent portion-deferred taxes Other noncurrent liabilities - business Other noncurrent liabilities - personal 65,000 Business realestate (at market) Land Buildings TOTAL NONCURRENT LIABILITIES 165,000 Other noncurrentassets -business (at market) Other noncurrentassets-personal (at market) TOTAL NONCURRENT ASSETS 177,001 50,000 467,001 TOTAL LIABILITIES 265,851 X 100,000 406,761 OWNER EQUITY Contributed capital Retained earnings Valuation equity TOTAL OWNER EQUITY TOTAL LIABILITIES & OWNER EQUITY O TOTAL ASSETS 778,501 512,651 778,501 NOTES to accompany Financial Statements: Book values (costless depreciation) Financial and other investments Machinery and equipment Real-estate land Real-estate buildings 35,000 180,000 As of: December 31, 2017 Market Value Tax Basis Difference Current Portion 45,000 45,000 Valuation of Specific Current Asset Items Marketable securities Inventories Accounts receivable Cash investment in work in progress Prepaid expenses 29,500 29,500 1. Excess of Market Value over Tax Basis of Current Assets (Sum) 74,500 53,000 10,000 Deductions Accounts payable Accrued interest Accrued taxes Other accrued expenses 2. Total deductions 3,0001 66,000 $ 3. Current portion of deferred taxable income [1 -2, zero if negative) 8,500 30% 4. Estimated federal and state income tax rate 5. Deferred federal and state tax expense (3x4] 6. Estimated self-employment tax rate 7. Social Security Tax Income Limit 8. Deferred self-employment tax [the minimum of 3x6 or 7] 9. Total current portion of deferred income taxes [5+8] 2,550 15.3% 128,400 1,301 3,851 Noncurrent Portion Market Value Tax Basis Gain/Loss Deferred taxable income from noncurrent assets Real Estate - Land Machinery and equipment Real Estate - Buildings Other Noncurrent Assets 10. Noncurrent portion of deferred taxable income (sum, zero if negative) 11. Estimated federal and state income tax rate 12. Total noncurrent portion of deferred taxes (10x11] Valuation Equity: Gain/Loss O Real Estate - Land Machinery and equipment Real Estate - Buildings Other Business Assets Financial Assets/Marketable Securities Less: Personal Liabilities NonCurrent Deferred Taxes Other Total Valuation Equity lolol 187,000 175,000 32,000 518,000 15,000 14,000 8,000 20,500 Soovios. -*- Ecodorows> x Cash on hand and in checking account Market value of all equipment 2016 Income taxes paid in 2017 Cash operating expenses paid in 2017 Principal portion of 15-year loan due in 2018 Principal paid on 15-year loan during 2017 Inventories: Supplies Insurance premiums for 2018 paid in Dec. 2017 Investment in local brewery made in 2016 for $50,000, estimated market value of 65,000 as of 12/31/17 Change in accounts payable during 2017 Inventories: Completed goods Principal balance on operating (short-term) loan Accrued interest on 15-year note Accrued interest on operating (short-term) loan Rent for January 2018, paid in Dec. 2017 Accumulated depreciation on equipment Accrued income, social security, and payroll taxes 2018 liquor license fees, paid in Dec. 2017 Original cost of all equipment owned Legal/accountant services used in 2017, bill not yet received Accounts payable Total principal balance on 15-year loan Mutual funds valued at $50,000 as of 12/31/17, book value of $35,000 Capital originally contributed by owner(s) ??? 1,500 37,000 16,000 9,000 1,000 5,000 80,000 21,000 4,000 260,000 3,000 53,000 180,000 ??? 100,000 Other: Federal tax rate Self-employment tax rate State tax rate 25% 15.30% 5%