Hudson Hunter is a realtor. He organized his business as a corporation on December 16, 2019. The business received $50,000 cash from Hunter and issued common stock. Consider the following facts as of December 31, 2019. i (Click the icon to view the facts.) Read the requirements . Requirement 1. Prepare the balance sheet of the real estate business of Hudson Hunter Realtor, Inc., at December 31, 2019. (Do not classify the balance sheet into current and long-term sections. In the first part complete the asse complete the liabilities and stockholders' equity section of the balance sheet. If a box is not used in the balance sheet leave the box empty; do not select a label or enter a zero.) Hudson Hunter Realtor, Inc. Balance Sheet December 31, 2019 Assets Liabilities Land $ 173,000 Accounts payable S 6.000 Franchise 15,000 Notes payable 111.000 Furniture 24,100 Total liabilities 117,000 Office supplies 7,000 Stockholders' Equity Cash 44,000 Common stock 50.000 Retained earnings 98,100 Total stockholders' equity 146,100 $ 263.100 Total assets S 263,100 Total liabilities and stockholders' equity Requirement 2. Does it appear that the really business can pay its debts? How can you tell? The business can pay its debt, as assets are greater than liabilities. Requirement 3. Identify the personal items given in the preceding facts that should not be reported on the balance sheet of the business. (If a box is not used in the table leave the box empty: do not select a label or enter a zero. Personal financial information of Hudson Hunter a. b. C. d. e. Hunter has $21,000 in his personal bank account and $44,000 in the business bank account. Hunter owes $1,300 on a personal charge account at a local department store. Hunter acquired business furniture for $24,100 on December 24. Of this amount, the business owes $6,000 on accounts payable at December 31. Office supplies on hand at the real estate office total $7,000. Hunter's business owes $111,000 on a note payable for some land acquired for a total price of $173,000. Hunter's business spent $15,000 for a Global Realty franchise, which entitles him to represent himself as an agent. Global Realty is a national affiliation of independent real estate agents. This franchise is a business asset. Hunter owes $171,000 on a personal mortgage on his personal residence, which he acquired in 2014 for a total price of $416,000. f. g. Land 173,000 Accounts payable 15,000 Notes payable Total liabilities 24,100 Charge Account Stockholders' 7,000 44,000 Common stock Franchise Retained earnings Furniture Total stockholders' equity $ 263,100 Mortgage payable Total liabilities and stockho Notes payable business can pay its debts? How can you tell? are greater than liabilities. Personal cash ven in the preceding facts that should not be re Residence n Hunter