Problem:
Following are selected balance sheet accounts for Third State Bank: vault cash $2 million; U.S. government securities $5 million; demand deposits $13 million; nontransactional accounts $20 million; cash items in process of collection $4 million; loans to individuals $7 million; loans secured by real estate $9 million; federal funds purchased $4 million; and bank premises $11 million.
Required:
Question 1: From these accounts, select only the asset accounts and calculate the bank's total assets.
Question 2: Calculate the total liabilities for Third State Bank.
Question 3: Based on the totals for assets and liabilities, determine the amount in the owners' capital account.
Note: Please provide full description.