​Rudabeh, 34, and​ Donovan, 31, want to buy their first home. Their current combined net income is ​$68 comma 00068,000 and they have two auto loans totaling ​$34 comma 00034,000. They have saved approximately ​$11 comma 00011,000 for the purchase of their home and have total assets worth $ 50 comma 000$50,000​, which are mostly savings for retirement. Donovan has always been cautious about spending large amounts of​ money, but Rudabeh really likes the idea of owning their own home although she​ hasn't expressed her preference to Donovan. They do not have a​ budget, but they do keep track of their​ expenses, which amounted to $ 54 comma 000$54,000 last​ year, including taxes. They pay off all credit card bills on a monthly basis and do not have any other debt or loans outstanding. Other than​ that, they do not spend a great deal of time tracking their finances. a. What financial statements should Rudabeh and Donovan prepare to begin realizing their home purchase​ goal? What records should they use to compile these​ statements? b. Calculate their net worth and income surplus. c. Calculate and interpret their​ month's living expenses covered ratio and their debt ratio. d. What other information would be necessary or helpful to develop more complete​ statements? e. What​ six- to​ eight-step process should Rudabeh and Donovan undertake to develop a​ budget? f. Why might adopting Principle​ 6: Waste​ Not, Want Notlong dash—Smart Spending Matters be important to Rudabeh and​ Donovan, given their goal of home​ ownership? g. What recommendations do you have for Rudabeh and Donovan regarding financial​ communication?