The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2020 in 2019:

1-a

1-b. Prepare balance sheet for business as of the end of 2020.

2. prepare a calculation to show how much profit was earned by the end of the business during 2020.

Analysis component:

compare the increase in assets from December 31, 2019 to December 31, 2020 and complete the following table.

Cash Accounts receivable Office supplies Trucks Office equipment Land Building Accounts payable Notes payable December 31 2029 2019 $ 9,675 $ 26,550 11,375 14,450 1,750 2,350 29,000 29,000 75,500 71,000 24,500 92,000 19,050 3,850 54,500 During December 2020 the owner, Jess LeClaire, purchased a small office building and moved the business from rented quarters to the new building. The building and the land it occuples cost $116,500. The business paid $62,000 in cash and a note payable was signed for the balance. LeClaire had to invest $17,700 cash in the business to enable it to pay the $62,000. The business earned a profit during 2020, which enabled LeClaire to withdraw $1,700 per month from the business for personal expenses. Required: 1-a. Prepare balance sheet for the business as of the end of 2019. LOCLAIRE DELIVERY SERVICES Balance Sheet December 31, 2019 Assets Liabilities Equity $ 0 Total liabilities and equity Total assets 1-b. Prepare balance sheet for the business as of the end of 2020, LECLAIRE DELIVERY SERVICES Balance Sheet December 31, 2020 Assets Liabilities Total liabilities Equity Total assets $ O Total liabilities and equity S Calculation of profit for 2020: Jess LeClaire, Capital December 31, 2019 Jess LeClaire, capital December 31, 2020 Increase in assets Increase in Assets financed by debt Increase in Assets financed by equity