Note: Please answer the following question clearly showing the calculations wherever they are required. Do not just give the final number as the answer where calculation are required.

Question 2: Prepare the statement of Financial Position (Personal Balance Sheet) - Annually.

fling as Can be" MES or MFJ Mid Term Introduction: Below is a case study of a fictional family named Berman. They represent a typical family in the wealth building state of their financial life; two income earners saving for their future. Background: Names: Carl Berman (46), law school professor. His annual salary is $140,000. Naomi Berman (43), private junior high school principal. Her annual salary is $100,000. They currently own a home in Harrisonburg, VA valued at $450,000. They purchased it for $400,000 in January this year. They put 20% down. They have a 30-year mortgage with interest rate at 5%. Real estate tax is $12,000 annually. They purchased a $50,000 car in December 2017 with nothing down. The car loan interest rate was 8% for 7 years. Financial Objectives: 1. They want to save for a 6-month emergency fund. Data: Carl's 401(k) account balance $307,155; annual contribution $19,000. Naomi's 401(k) account balance $204,770; annual contribution $19,000. Joint bank savings account balance $30,281; interest $771 annually. Joint brokerage account balance $107,338; dividends $1,037 annually. Joint credit card balance $7,515; payment $2,100 annually. Joint personal property and furniture $17,750. Food $9,360 annually. Internet $79 monthly. Train ticket $42 monthly. Clothing $1,800 annually. Cell phone bill $1,080 annually. Electricity $2,000 annually. Personal care $1,584 annually. Medical expenses $2,040 annually. Entertainment $2,400 annually. fling as Can be" MES or MFJ Mid Term Introduction: Below is a case study of a fictional family named Berman. They represent a typical family in the wealth building state of their financial life; two income earners saving for their future. Background: Names: Carl Berman (46), law school professor. His annual salary is $140,000. Naomi Berman (43), private junior high school principal. Her annual salary is $100,000. They currently own a home in Harrisonburg, VA valued at $450,000. They purchased it for $400,000 in January this year. They put 20% down. They have a 30-year mortgage with interest rate at 5%. Real estate tax is $12,000 annually. They purchased a $50,000 car in December 2017 with nothing down. The car loan interest rate was 8% for 7 years. Financial Objectives: 1. They want to save for a 6-month emergency fund. Data: Carl's 401(k) account balance $307,155; annual contribution $19,000. Naomi's 401(k) account balance $204,770; annual contribution $19,000. Joint bank savings account balance $30,281; interest $771 annually. Joint brokerage account balance $107,338; dividends $1,037 annually. Joint credit card balance $7,515; payment $2,100 annually. Joint personal property and furniture $17,750. Food $9,360 annually. Internet $79 monthly. Train ticket $42 monthly. Clothing $1,800 annually. Cell phone bill $1,080 annually. Electricity $2,000 annually. Personal care $1,584 annually. Medical expenses $2,040 annually. Entertainment $2,400 annually