need exercise 2.4 answered a,b,c please thank you

The balance sheet items Ult order. You are to prepare a balance sheet for the compu illustrated in Exhibit 2-9. You must compute the amount for Retained Earnings. LO24 EXERCISE 2.3 Preparing a Balance Sheet 210,000 Land ... Accounts Payable. Accounts Receivable .. Cash .. $90,000 43,800 56,700 36,300 Office Equipment .............$ 12,400 Building ... Capital Stock ... 88,000 Notes Payable .. 207.000 Retained Earnings LO2-2 EXERCISE 2.4 Accounting Principles and Asset Valuation The following cases relate to the valuation of assets. Consider each case independently World-Wide Travel Agency has office supplies costing $1,400 on hand at the balance sheel date. These supplies were purchased from a supplier that does not give cash refunds. World Wide's management believes that the company could sell these supplies for no more than $500 if it were to advertise them for sale. However, the company expects to use these supplies and to purchase more when they are gone. In its balance sheet, the supplies were presented at $500. b. Perez Corporation purchased land in 1957 for $40,000. In the current year, it purchased a simi- lar parcel of land for $300,000. In its current year balance sheet, the company presented these two parcels of land at a combined amount of $340,000. At December 30, year 1, Felix, Inc., purchased a computer system from a mail-order sup- plier for $14,000. The retail value of the system-according to the mail-order supplier--was $20,000. On January 7, however, the system was stolen during a burglary. In its December 31. year 1, balance sheet, Felix showed this computer system at $14,000 and made no reference to its retail value or to the burglary. The December balance sheet was issued in February year 2. In each case, indicate the appropriate balance sheet amount of the asset under generally accepted accounting principles. If the amount assigned by the company is incorrect, briefly explain the accounting principles that have been violated. If the amount is correct, identify the accounting principles that justify this amount. Compute the missing amounts in the following table. -02-3 EXERCISE 2.5 Using the Accounting quation Assets = Liabilities + Owners' Equity