-b. Prepare balance sheet for the business as of the end of 2020.

2. Prepare a calculation to show how much profit was earned by the business during 2020.

Analysis Component: Compare the increase in assets from December 31, 2019, to December 31, 2020., and complete the following table.

The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2020 and 2019: Cash Accounts receivable Office supplies Trucks Office equipment Land Building Accounts payable Notes payable December 31 2020 2019 $ 9,675 $ 26,550 11,375 14,450 1,750 2,350 29,000 29,000 75,500 71,000 24,500 92,000 19,050 3,850 54,500 During December 2020 the owner, Jess LeClaire, purchased a small office building and moved the business from rented quarters to the new building. The building and the land it occupies cost $116,500. The business paid $62,000 in cash and a note payable was signed for the balance. LeClaire had to invest $17,700 cash in the business to enable it to pay the $62,000. The business earned a profit during 2020, which enabled LeClaire to withdraw $1,700 per month from the business for personal expenses