Leonard and Michelle have asked you to prepare their statement of changes in net worth for the year ended August 31, 20X3. They have prepared the following comparative statement of financial condition based on estimated current values as required by ASC 274:

LEONARD AND MICHELLE
Statement of Financial Condition
August 31, 20X3 and 20X2
				20X3							20X2
Assets
Cash					$	4,700						$	7,800
Marketable securities						6,000							18,500
Residence						97,000							89,700
Personal effects						11,200							11,200
Cash surrender value of life insurance						4,300							6,700
Investment in farm business:
Farmland	$	43,100						$	33,200
Farm equipment		23,100							8,100
Note payable on farm equipment		(11,100	)						0
Net investment in farm						55,100							41,300
Total assets					$	178,300						$	175,200
Liabilities and Net Worth
Credit card					$	2,200						$	2,600
Income taxes payable						12,500							13,500
Mortgage payable on residence						72,100							78,200
Estimated income taxes on the difference between the estimated current values of assets and liabilities and their tax bases						20,800							16,000
Net worth						70,700							64,900
Total liabilities and net worth					$	178,300						$	175,200

Additional Information

1. Leonard and Michelles total salaries during the fiscal year ended August 31, 20X3, were $46,500; farm income was $7,800; personal expenditures were $44,600; and interest and dividends received were $2,500.
2. Marketable securities purchased in 20X1 at a cost of $11,600 and with a current market value of $11,600 on August 31, 20X2, were sold on March 1, 20X3, for $10,200. No additional marketable securities were purchased or sold during the fiscal year.
3. The values of the residence and farmland are based on year-end appraisals.
4. On August 31, 20X3, Leonard purchased a used combine at a cost of $16,100. He made a $5,100 down payment and signed a five-year, 10 percent note payable for the $11,000 balance owed. No other farm equipment was purchased or sold during the fiscal year.
5. The cash surrender value of the life insurance policy increased during the fiscal year by $2,700. However, Leonard borrowed $6,000 against the policy on September 1, 20X2. Interest at 15 percent for the first year of this loan was paid when due on August 31, 20X3.
6. Federal income taxes of $13,500 were paid during the 20X3 fiscal year.
7. Mortgage payments made during the year totaled $8,100, which included payments of principal and interest.

Required: Using the comparative statement of financial condition and additional information provided, prepare the statement of changes in net worth for the year ended August 31, 20X3.