Billy Jones has applied for a loan at his local bank. His banker, Sara Smith, says his balance sheet on file with the bank is too old to use and says Billy must file a new one before a loan will be considered. Billy spends the rest of the afternoon taking inventory. Make a market based balance sheet, using the three-category format using the information below compiled by Billy on August 31. (60 points) Land (present market value) Beef brood cows Bulls Checking account balance Account payable at Bill's Feed Store Horses (working) Cash on hand Wheat on hand Hay on hand Growing wheat Ranch mortgage - payment due 6/1 balance after payment Buildings & improvements Loan on feeder cattle (all due 3/1) Calves (to be sold this spring) Savings account Feeder cattle (to be sold in 40 days) Note at bank (all due 8/31) 2,000 acres @ $400 per acre 135 head @ $800 per head 4 head @ $1,000 each $8,000 $3,000 4 @ $1500 each $1,000 2,000 bu. @ $4.26 per bu. 100 tons @ $75.00 per ton 300 acres @ $20 per acre $15,000 $605,000 $60,000 $25,000 110 head @ $300 $6,000 90 head @ $575 $10,000 Search Note at bank (all due 8/31) Truck Other machinery & equipment Loan on beef cows - payment due 5/1 bal. after payment U.S. Savings bond (mkt. security) Past due real estate taxes Account receivable Saddles, tack, etc. Corporate stock (mkt. security) $10,000 $3,000 $58,000 $5,000 $55,000 $1,000 $3,000 $2,000 $500 $3,000