Charlotte Braun is a realtor. She buys and sells properties on her own, and she also earnscommission as a real estate agent for buyers and sellers. She organized her business as a corpora-tion on November \(24,19 \mathrm{X} 4\), by investing \(\$ 90,000\) to acquire the business's common stock. Con-sider the following facts as of November 30, 19X4:a. Braun owed \(\$ 85,000\) on a note payable for some undeveloped land that had been acquired bythe business for a total price of \(\$ 140,000\).b. Braun's business had spent \(\$ 20,000\) for a Century 21 real estate franchise, which entitled her torepresent herself as a Century 21 agent. Century 21 is a national affiliation of independent realestate agents. This franchise is a business asset.c. Braun owed \(\$ 120,000\) on a personal mortgage on her personal residence, which she acquiredin 19X1 for a total price of \(\$ 170,000\).d. Braun had \(\$ 10,000\) in her personal bank account and \(\$ 12,000\) in her business bank account.e. Braun owed \(\$ 1,800\) on a personal charge account with Neiman-Marcus Department Store.f. Braun acquired business furniture for \(\$ 17,000\) on November 25 . Of this amount, her businessowed \(\$ 6,000\) on open account at November 30.g. Office supplies on hand at the real estate office totaled \(\$ 1,000\).Required1. Prepare the balance sheet of the real estate business of Charlotte Braun, Realtor, Inc., atNovember 30, 19X4.2. Identify the personal items given in the preceding facts that would not be reported on the bal-ance sheet of the business.