Using the information below create a Balance Sheet and Income Statement. Assume all Income and Expenses are the monthly values. In column 1 enter B for Balance Sheet or I for Income Statement item In column 2 enter CA for current asset, FA for fixed asset, IA for investment asset, CL for current liability, LTD for long term liability, l for income and E for expense. 1 2 1 B IA 401k Balance $ 75,000.00 B LTD Home - Mortgage Balance 2 $ 100,000.00 I E 401k - Monthly Contribution $ 800.00 I E Home - Mortgage Expense $ 950.00 1 E Auto Loan Payment $ 500.00 1 E Home Property Insurance Expense $ 50.00 1 E Auto Repair Expense $ 50.00 1 E $ 300.00 B FA Automobile - Market Value $ 32,000.00 I E Home Repair Expense Home - Property Taxes Home Supplies Expense $ 250.00 B LTD Automobile - Loan Balance $ 28,000.00 I E $ 150.00 1 E Cable TV Expense $ 100.00 I E Life Insurance Expense $ 200.00 B CA Checking Account Balance $ 1,200.00 1 1 Monthly Income $ 7,000.00 B CA College Savings Account Balance $ 27,000.00 B IA Roth IRA Balance $ 50,000.00 B CL Credit Card Balances $ 1,200.00 1 E Roth IRA - Monthly Contribution $ 500.00 1 E $ 80.00 CA Savings Account Balance $ 3,500.00 Disability Insurance Expense Dividend Income 1 1 $ 50.00 1 $ 300.00 E State and Local Income Tax Exp. LTD Student Loan Balance 1 E Federal Income Tax Expense $ 1,000.00 B $ 19,000.00 B FA Furniture - Market Value $ 14,000.00 B Traditional IRA Balance $ 35,000.00 1 E $ 600.00 I E $ 200.00 Grocery Expense Health Insurance Expense I E $ 350.00 1 E $ 80.00 Utility Expense - Cell Phone Utility Expense - Electric Utility Expense- Gas Utility Expense- Water and Sewer B LTD $ 16,000.00 1 E $ 120.00 Home Equity Loan Balance Home - Market Value B FA $ 200,000.00 1 E $ 25.00 LIABILITIES ASSETS Current Asset Fixed Asset NET WORTH Investment Asset TOTAL ASSETS TOTAL LIABILITIES AND NET WORTH