Deets N. Assets has taken inventory and has collected the following information on the value of ever

Deets N. Assets has taken inventory and has collected the following information on the value of everything he owns and owes as of December 31, 2016: Land and buildings $400,000 Breeding livestock owned $35,000 Crops in storage $ 30,000 Feeder livestock owned $14,000 Mortgage on land $225,000 Cash rent owed to his landlord $ 6,000 Machinery owned $ 65,000 Feed in storage $ 2,000 Loans owed on machinery $ 12,000 Production loan outstanding $ 9,000* Taxes owed $1,000 Supplies in storage $ 7,000 Cash on hand $3,000 Fuel in storage $ 500 *must be paid this year 4. The total value of Reets' assets is: $554,500 b. $556,500 c. $565,500 d. $577,500 e. $255,000

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