Part 4: Accounting Equation Linshan is a UMKC student who is assessing her current financial position. She has requested your assistance in calculating her net worth. Linshan, currently has $5,200 in her bank account plus an additional $2,200 in a money market fund. Linshan has student loans totaling $13,000. She drives a $10,500 Ford Escape, for which she still owes $7,000 on a three- year loan. Linshan, set aside $1,400 in a 401(k) retirement account during her summer internship. Linshan bought a $2,000 computer when she started at UMKC. She needs to repay her parents $1,100, as they contributed to the purchase of the computer. Linshan also has an iPhone valued at $600. Linshan, accumulated credit card debt of $1,200 last year, she has decided not to charge any future purchases on her credit card and is using income from her part-time job to pay off the balance. 1. List all of Liashar's assets along with the dollar values) and calculate her total assets. 2. List all of Linshan's liabilities (along with the dollar values) and calculate her total liabilities. 3. Calculate Linshan's net worth (total equity). 4. How would you assess Linshan's current financial position? What recommendations would you give her to improve her situation? 6