1. Calculate the net change in assets, the net change in liabilities, and the change in net worth from January 1st to December 31st, 2019. Item Balance Sheet (January 1st) Machinery Loan ($55,000) Pay Hired Labor ($15,000) Pay Machinery Loan ($55,000) ($3,000 interest accrued) Sell Livestock Products ($25,000) ($20,000 inventory value) Use Nitrogen Fertilizer ($2,000) Pay Fuel Account ($4,000) Purchase Seeds on Account ($10,000) Cattle Loan ($33,000) Harvest & Sell Corn ($47,000) Pay Interest on Loan ($2,300) Sub-total of Transactions Net Change Balance Sheet (December 31st) Assets Liabilities Debits (+) Credits (-) Debits (-) Credits (+) Net Worth Debits (-) Credits (+) $1,500,000 $800,000 $700,000