Kenneth, 32 years old, is a business development manager working for a 2-year-old start-up company running a cryptocurrency exchange. He is paid a monthly salary of $5,000 and an additional business allowance of $1,000 per month. While the company is well-funded by a private equity fund from China, he does not get any bonus as the company is still in the red. His boss has told him that the company will start making money once the MAS approves their application for a Payment Services License. He was also told that the odds of getting the license is 50%. Although he knows his career and income is not very secured in the short run, he does not see the need to manage his spendthrift lifestyle. This is because he is single, and his parents are financially independent and they are happy to allowed him to stay with them as he is the only son. Kenneth does not own any property or a car now, hence he does not have a mortgage or car loan. The only debt that he is repaying every month now and for the next few years is a substantial DBS credit card debt which he chalked up last year due to his over spending habit on branded apparel and leather goods, and an expensive Rolex Daytona Chronograph watch. He has also inflated those credit card debt by paying for his daily commute in taxi, Grab and Gojek, as he does not like to take mass public transport like the MRT and buses. He does not consider his Rolex as an asset or investment. Therefore, his asset comprises of only some savings deposits in the bank, and a portfolio of blue-chip shares which is earning him an average dividend of 5.68%. You are also given the following additional information and financial ratios about Kenneth on 31 December 2020. Additional Information Annual Cash Surplus (Deficit) Annual Personal Living Expenses $24,000 Annual Household Expenses Annual Transport Expenses Annual Internet/Mobile Expenses $3,000 Annual Other Expenses $21,000 $6,000 $12,000 $5,000 a) Based on the above information about Kenneth, help him reconstruct the "Personal Balance Sheet" and the "Income & Expenditure Statement". Please take note of the followings: show your working clearly you may ignore completely all the effects of taxes and CPF in your computations present the figures rounded to the nearest thousand.