Nik Tahari is a realtor. He buys and sells properties on his own, and he also earns commission as a real estate agent for buyers and sellers. He organized his business as a proprietorship on March 10, 20X2. Consider the following facts as of March 31, 20X2:

a. Tahari had $15,000 in his personal bank account and $7,000 in his business bank account.

b. Office supplies on hand at the real estate office totaled $1,000.

c. Tahari's business had spent $15,000 for an Electronic Realty Associates (ERA) franchise. which entitled Tahari to represent himself as an ERA agent. ERA is a national affiliation of independent real estate agents. This franchise is a business asset.

d. Tahari owed $34.000 on a note payable for some undeveloped land that had been acquired by his business for a total price of $60,000.

e. Tahari owed $65,000 on a personal mortgage on his personal residence, which he acquired in 20X1 for a total price of $90,000.

f. Tahari owed $950 on a personal charge account with Sears. g. Tahari had acquired business furniture for $12,000 on March 26. Of this amount, Tahari's business owed $6.000 on open account at March 31. Required 1. Prepare the balance sheet of the real estate business of Nik Tahari, Realtor, at March 31, 20X2. 2. Identify the personal items that would not be reported on the balance sheet of the business.