17 pts total a. You want to prepare a balance sheet for your operation. Use the following information. Import your income statement back into a Word document. *Remember you will need to calculate Current Assets, Noncurrent Assets, Total Assets, Current Liabilities, Noncurrent Liabilities, Total Liabilities and Owner's Equity. 14 pts Operating Loan: $160,300 Value of breeding livestock: $254,500 Notes payable: $152,300 200 weaned steers with an average weight of 550 lbs valued at $150/cwt Prepaid expenses total $57,000 Value of machinery owned: $315,600 Checking and savings account total $106,200 Real estate loan: $230,800 Accounts Payable total $29,600 Portion of real estate loan due within next twelve months $42,300 Feed on hand totals $36,400 Real estate owned: $925,400 Accounts receivable total $51,100 Hay for sale 90 tons valued at $175/ton b. Discuss the difference between a cost-basis and market-basis balance sheet. Which one is used in agriculture most frequently and why? 3 pts Q3. 1 pt What is the purpose of the balance sheet? What is the purpose of the income statement