Question 3 of 5 < > View Policies -12 E Current Attempt in Progress Sunland Corporation was formed 5 years ago through a public subscription of common stock. Daniel Brown, who owns 15% of the common stock, was one of the organizers of Sunland and is its current president. The company has been successful, but it currently is experiencing a shortage of funds. On June 10, 2021, Daniel Brown approached the Topeka National Bank, asking for a 24-month extension on two $34,920 notes, which are due on June 30, 2021, and September 30, 2021. Another note of $5,970 is due on March 31, 2022, but he expects no difficulty in paying this note on its due date. Brown explained that Sunland's cash flow problems are due primarily to the company's desire to finance a $300,720 plant expansion over the next 2 fiscal years through internally generated funds. The commercial loan officer of Topeka National Bank requested the following financial reports for the last 2 fiscal years. Sunland Corporation Balance Sheet March 31 Assets Cash Notes receivable 2021 2020 $18.120 $12.410 148,700 130,840 Accounts receivable (net) 132,830 125.880 Inventories (at cost) 104,150 50,010 Plant & equipment (net of depreciation) 1,440,600 1,429,490 Total assets $1.844.400 $1,748,630 Liabilities and Owners' Equity Accounts parable $28.220 590 320