Peets N. Assets has taken inventory and has collected the following information on the value of everything he owns and owes as of December 31, 2016: Land and buildings Crops in storage Mortgage Machinery owned Loans owed on machinery $12,000 Taxes owed Cash on hand Breeding livestock owned Feeder livestock owned $400,000 $30,000 $35,000 $14,000 Cash rent owed to his landlord $ 6,000 $ 2,000 Production loan outstanding $ 9,000* $7,000 $225,000 $ 65,000 on land Feed in storage $1,000 $3,000 Supplies in storage Fuel in storage $500 *must be paid this year 4. The total value of Deets' assets is: $554,500 b. $556,500 c. $565,500 d. $577,500 $255,000 I e. 5. The total value of Deets' liabilities is: a. $58,000 b. $249,000 $255,000 d. $253,000 e. $554,500 C. 6. Dects has a net worth of a. $58,000 b. $249,000 c. $255,000 d. $303,500 e. $554,500 879 words