S$1-6($Req$.1)$ Critical Thinking: Developing a Balance Sheet On September $30,$ Ashley and Jason started arguing about who is better off. Jason said he was better off because he owned a video game console that he bought last year for $$250.$ He figures that, if needed, he could sell it to a friend for $$180.$ Ashley argued that she was better off because she had $$1,000$ cash in her bank account and a piece of art that she bought two years ago for $$800$ but could now probably sell for $$1,400.$ Jason countered that Ashley still owed $$250$ on a loan and Jason's dad promised to buy him a Porsche if he does really well in accounting. Jason said he had $$6,000$ cash in his bank account right now because he just received a $$4,800$ student loan. Ashley knows that Jason also owes a tuition installment of $$800$ for this term.Continued on next slide..$\mathrm{.}1-4$#O McGraw Hil LLC$.$ All rights reserved. No reproduction or distribution sut the prior written consent of McGraw Ha LLC$.$S$1-6($Req$.1)$ Critical Thinking: Developing a Balance Sheet continuedAshley and Jason met again in early November. They asked how each other was doing. Ashley claimed that she'd become much more successful than Jason. She had a part$-$time job, where she earned $$1,500$ per month. Jason mocked Ashley because he had won $$1,950$ on a lottery ticket he bought in October, and that was merely for the "work" of standing in line for a minute. It was just what he needed because his apartment costs $$800$ each month. Ashley, on the other hand, pays $$470$ for her share of the rent. Both Ashley and Jason have other normal living costs that total $$950$ each month.Required:Prepare a financial report that compares what Ashley and Jason each own and owe on September $30.$ Make a list of any decisions you had to make when preparing your