Exercise 2 John decides to start up in business on 1 April 20X1, and pays $4,000 from his private bank account into a newly opened business bank account. On 2 April 20X1 John's father loans the firm $600 to help with the new venture, and this amount is paid immediately into the business bank account. On 4 April the firm borrows $150 from John's friend, Peter. This amount is kept in the form of 'ready cash' to meet small business expenses. Balance sheets for John's business after the transactions on: (a) 1 April; (b) 2 April; (c) 4 April