2 Required information {The following information applies to the questions displayed below.) Carlos Ramirez and Camila Garza organized New World Book Store as a corporation; each contributed $71,700 cash to start the business and received 4,300 shares of common stock. The store completed its first year of operations on December 31, current year. On that date, the following financial items for the year were determined: December 31, current year, cash on hand and in the bank. $68,850; December 31, current year, amounts due from customers from sales of books, $44,500; unused portion of store and office equipment. $72,500; December 31, current year, amounts owed to publishers for books purchased. $13,600; one-year note payable to a local bank for $3,700, with interest due of $220. No dividends were declared or paid to the stockholders during the year. 1 Required: 1. Complete the following balance sheet as of the end of current year. Some information has been given below. NEW WORLD BOOK STORE Balance Sheet Assets Cash Accounts receivable Store and office equipment 220 Liabilities Accounts payable Note payable Interest payable Total liabilities Stockholders' Equity Common stock Retained earings Total stockholders' equity Total liabilities and stockholders' equity 24.930 Total assets