Answer Happy

3 Connect Problem CP 35-09 (algo) The balance sheet for the newly formed Last National Bank Is shown below. Reserves listed on the balance sheet are reserves on deposit at the Federal Reserve. Cash is vault cash held at the bank. Last National Bank Balance Sheet1 Assets Liabilities and net worth $ 13,000 Checkable deposits 98,000 Reserves 92,000 Stock share 300,000 Property 293,000 eBook Cash References Instructions: Enter your answers as a whole number a. Suppose a depositor at the bank writes a check for $28,000 to pay a contractor for some remodeling work done on her home The contractor deposits the check in his bank (which is a different bank). What will last National Bank's balance sheet look like after the check clears? Record the values in the table below Last National Bank Balance Sheet 2 Assets Llabilities and net worth Cash Checkable deposits Reserves Stock shares Property b. If the reserve requirement is 15 percent, what is the total amount of excess reserves held by Last National Bank after the check clears?