The balance sheet for the newly formed Last National Bank is shown below. Reserves listed on the balance sheet are reserves on deposit at the Federal Reserve. Cash is vault cash held at the bank. Last National Bank Balance Sheet 1 Assets Liabilities and net worth Cash $ $ 140.000 7,000 Checkable deposits 144,000 Stock shares 286,000 Reserves Property 275,000 Instructions: Enter your answers as a whole number. a. Suppose a depositor at the bank writes a check for $14,000 to pay a contractor for some remodeling work done on her home. The contractor deposits the check in his bank (which is a different bank). What will Last National Bank's balance sheet look like after the check clears? Record the values in the table below. Last National Bank Balance Sheet 2 Assets Liabilities and net worth Checkable deposits Cash Reserves Property Stock shares b. If the reserve requirement is 20 percent, what is the total amount of excess reserves held by Last National Bank after the check clears