On January 11, Evergreen Market sold one of the two lots of land for $10,000. The buyer paid $2,000 cash and assumed $8,000 of the mortgage; that is, Evergreen Market was no longer responsible for this half of the mortgage payable.

Change the following January 10 balance sheet so that it reports the financial condition on January 11.

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EVERGREEN MARKET BALANCE SHEET AS OF JANUARY 10 Assets Liabilities & Equity Cash.. $42,700 Accounts Payable..... ... $ 2,000 Accounts Receivable. 1,800 Note Payable.. 5,000 Inventory... 6,300 Mortgage Payable. 8,000 Prepaid Insurance 500 Berg, Capital. 10,000 Land.. 20,000 Retained Earnings.. 700 Total $71,300 Total. $71,300