Business, 20.02.2020 00:59 wEKLJHFKLJEBFR2460

Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $19,000 and has cash on hand of $30,000 contributed by Lanni's owners. Lanni takes out a bank loan. It receives $30,000 in cash and signs a note promising to pay back the loan over 3 years.

a. Prepare the balance sheet just after it gets the bank loan. What is the ratio of real assets to total assets? (5 points)

b. Prepare the balance sheet after Lanni spends the $60,000 to develop its software product. What is the ratio of real assets to total assets? (5 points)

c. Lanni sells the software product to Microsoft, which will market it to the public under the Microsoft name. Lanni accepts payment in the form of 1,850 shares for $35 per share. Prepare the balance sheet after Lanni accepts the payment of shares from Microsoft. What is the ratio of real assets to total assets? (5 points)

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