Prepare a 2011 income statement for Criswell’s farm under each of the following assumptions regarding what constitutes the “critical event” in the process of recognizing income:

a. Assuming that production is the critical event.

b. Assuming that the sale is the critical event.

c. Assuming that cash collection is the critical event.

(For simplicity, treat the fixed operating costs as period rather than product costs.) LO.1