Problem 12 Using the following information, prepare a balance sheet on December 31, 20X7, for the Summer Resort, a proprietorship owned by Stan Robins. The statement of owner's equity prepared for the year ended December 31, 20X7, shows a total of $97,000. The asset and liability bookkeeping accounts show the following balances on December 31, 20X7: Accumulated Depreciation on Equipment $ 5,000 Accounts Receivable 9,000 Cost of Furniture 40,000 Cost of Equipment 10,000 Accumulated Depreciation on Building 20,000 Accumulated Depreciation on Furniture 20,000 Cost of Building 182,000 Cash 16,500 Land 20,000 Accounts Payable 8,000 Accrued Expenses 9,700 Prepaid Expenses 2,500 Wages Payable 4,100 Inventories 3,800 Mortgage Payable is $120,000, of which $15,000 is due currently