PREPARING A BALANCE SHEET LO 4 Financial items for George Karatsis IT Services on 31 May 2016 are presented below in alphabetical order. Accounts payable $ 64 000 Land $250 000 Accounts receivable 70 000 Mortgage payable 710 000 Building 520 000 Office equipment 180 000 Cash at bank 61 000 Office supplies 34 400 Required A. Prepare a balance sheet similar to the one in figure 2.2. (Note that a major item is missing in the list.) B. Reformat the statement to present it in narrative form as in figure 2.3