James Renfro is a realtor. He buys and sells properties on his own, and he also earnscommission as a real estate agent for buyers and sellers. He organized his business as a corporationon March 10, 19X2, by investing \(\$ 60,000\) to acquire the business's common stock. Consider thefollowing facts as of March 31, 19X2:a. Renfro had \(\$ 5,000\) in his personal bank account and \(\$ 9,000\) in his business bank account.b. Office supplies on hand at the real estate office totaled \(\$ 1,000\).c. Renfro's business had spent \(\$ 15,000\) for an Electronic Realty Associates (ERA) franchise,which entitled him to represent himself as an ERA agent. ERA is a national affiliation of inde-pendent real estate agents. This franchise is a business asset.d. Renfro owed \(\$ 33,000\) on a note payable for some undeveloped land that had been acquired byhis business for a total price of \(\$ 70,000\).e. Renfro owed \(\$ 65,000\) on a personal mortgage on his personal residence, which he acquired in19X1 for a total price of \(\$ 90,000\).f. Renfro owed \(\$ 950\) on a personal charge account with Sears.g. He had acquired business furniture for \(\$ 12,000\) on March 26. Of this amount, Renfro's busi-ness owed \(\$ 6,000\) on open account at March 31 .Required1. Prepare the balance sheet of the real estate business of James Renfro, Realtor, Inc., at March\(31,19 \times 2\).2. Identify the personal items given in the preceding facts that would not be reported on the bal-ance sheet of the business.