In the table below you will find simplified consolidated balance sheets for the chartered banking system and the Bank of Canada. Use columns 1-3 to indicate how the balance sheets would read after each of transactions in parts (a) to (c) is completed. Do not cumulate your answers; that is, analyze each transaction separately, starting in each case from the numbers provided. All accounts are in billions of dollars. a. A decline in the bank rate prompts chartered banks to borrow an additional $1 billion from the Bank of Canada. Show the new balance-sheet figures in column 1 of each table. b. The Bank of Canadasells $3 billion in securities to the public, who pay for the bonds with cheques.Show the new balance sheet figures in column 2 of each table. c. The Bank of Canadabuys $2 billion of securities from chartered banks. Show the new balance sheet numbers in column 3 of each table. Instructions: All answers below are to be entered as whole numbers.