Lanni Products is a start$-$up computer software development firm. It currently owns computer equipment worth $$30,000$ and has cash on hand of $$20,000$ contributed by Lanni's owners. Lanni takes out a bank loan. It receives $$50,000$ in cash and signs a note promising to pay back the loan over $3$ years.

Required:

a$-1.$ Prepare the balance sheet just after it gets the bank loan.

a$-2.$ What is the ratio of real assets to total assets?

b$-1.$ Prepare the balance sheet after Lanni spends the $$70,000$ to develop its software product.

b$-2.$ What is the ratio of real assets to total assets?

c$-1.$ Lanni sells the software product to Microsoft, which will market it to the public under the Microsoft name. Lanni accepts payment in the form of $500$ shares for $$280$ per share. Prepare the balance sheet after Lanni accepts the payment of shares from Microsoft. c$-2.$ What is the ratio of real assets to total assets?