Section 1: Use this data to fill in the form below. Use straight line depreciation if necessary. (22 points) a) Your business has $8,350 in the bank and $500 on hand. b) Exactly one year ago, you bought a building that cost $72,000. It has a useful life of 20 years and a 20 year mortgage payable to the previous owner. You made a down payment of $12,000. Your payments are $750 / month. This breaks down into a $250 / month principal payment and a $500 / month interest payment. c) On the same day, you purchased a delivery truck for $6,000 in an all cash deal. It has a useful life of 5 years. d) Two years ago you started this business by investing $20,000. e) You charge your gas for the truck and pay the bill quarterly. You spend $150 / month for gas. You paid the last gas bill 2 months ago. f) Your earnings for the first two years combined totaled $1,900. g) You sell automotive tools. You have $11,000 worth in the truck. You have $7,500 worth of tools in the building. In addition, you have $2,500 worth of half assembled engine analyzers. These will take another $500 worth of labor to make ready for sale. h) When you started this business, two years ago, you bought a business insurance policy that costs $2,500 / year. You paid for 4 years in advance. i) Stillman's Garage owes you $750 for tools purchased. j) Hoag's Automotive owes you $400 for tools purchased. k) Your pre-tax profit averages $7,500 per quarter. Your tax due for this year is $5,000. Only enter whole dollar values. Do not include dollar signs ($), commas (,), or periods (.). Ex: Ten thousand dollars is 10000 Assets Liabilities Cash Accounts Payable Accounts Receivable Notes Payable Raw Materials Tax Liability Finished Goods Total Inventory Total Liabilities Prepaid Expense Original Investment Fixed Assets Retained Earnings Buildings - Earnings -to-Date Equipment - Total Owners Equity Total Assets Total Liabilities and Owner's Equity