Table 1: Records of JKJ Farm as of January 2017. Amount $ Items Vehicles Cash in the bank Land Current portion of term debt Accounts payable Depreciation on machinery Breeding stock Hay on hand Income tax payable Other accrued expenses Calves to be sold in 15 days Grain on hand Accounts receivable Real estate debt Prepaid expenses Notes payable on machinery (due in 6 years) Vehicles Buildings 7,000 60,000 400,000 57,000 123,000 3,700 131,000 19,000 16,800 19,700 48,000 40,000 40,000 30,000 10,000 71,000 4,900 56,000 1. From Table 1, prepare a balance sheet for JKJ farm by arranging the items under following sub-headings: Current Asset; non-current assets; current liabilities, noi current liabilities. 2. Calculate (a) Total Assets (b) Owner's equity Breeding stock Hay on hand Income tax payable Other accrued expenses Calves to be sold in 15 days Grain on hand Accounts receivable Real estate debt Prepaid expenses Notes payable on machinery (due in 6 years) Vehicles Buildings 131,000 19,000 16,800 19,700 48,000 40,000 40,000 30,000 10,000 71,000 4,900 56,000 . 1. From Table 1, prepare a balance sheet for JKJ farm by arranging the items unde following sub-headings: Current Asset; non-current assets, current liabilities; nc current liabilities. 2. Calculate (a) Total Assets (b) Owner's equity (C) Working capital (d) Current Ratio (e) Debt/Asset Ratio (f) Debt/equity Ratio (8) Equity/Assets Ratio (h) Which of the area of the financial condition require more attention for improvement