The club was purchased last year for $1 million and uses the accrual basis of accounting. The club was capitalized as follows: Borrowed $1,000,000 at 7% interest for seven years (PMT = $185, 553; i = $70,000) Investor provided $1,500,000 to fund the new venture,Equipment: $275,000,Cash Expenses Player & Coaches Compensation: $495,000,Basketball Operations: $679,700, approximately $3,500 per away game (air, buses, parking, hotel, meals, laundry, etc.) Rent: $3,000 per game (22 home games), 1,567,500 year long ticket sales, Concessions:495,000 year long concession sales,605,000 year long parking sales, Advertising / Sponsorship (net): $777,000 Merchandise: 605,000 year long merchandise sales. The basketball team paid the city 10% for each ticket sold. This is an expense. The accounts receivable for ticket sales is $15,000 The accounts payable for business operations is $300,000 Don't forget the depreciation, amortization, & interest expenses Franchise value amortized over 15-year period Tax rate: 40%. using the information provided what are the assets minus the liabilities