Deets N. Assets has taken inventory and has collected the following information on the value of everything he owns and owes as of December 31, 2016: Land and buildings $400,000 Breeding livestock owned $35,000 Crops in storage $ 30,000 Feeder livestock owned $14,000 Mortgage on land $225,000 Cash rent owed to his landlord $ 6,000* Machinery owned $ 65,000 I Feed in storage $ 2,000 Loans owed on machinery $12,000 Production loan outstanding $ 9,000* Taxes owed $ 1,000 Supplies in storage $ 7,000 Cash on hand $ 3,000 Fuel in storage $ 500 *must be paid this year 12. Deets owes long term liabilities of: a. $200,000 b. $80,000 c. $60,000 d. $50,000 e. None of the above. 13. Deets owns total assets of: a. $480,000 b. $440,000 c. $320,000 d. $200,000 e. None of the above. 14. Deets owes total liabilities of: a. $280,000 b. $230,000 c. $120,000 d. $60,000 e. None of the above. 15. Deets' net worth is: a. $320,000 b. $250,000 c. $150,000 d. $100,000 e. None of the above