1. For each of the financial events (listed below) occurring on a given farm during the calendar year, January 1 to December 31, 2019, indicate the correct impact with respect to: Net Worth on the Balance Sheet _ either (a) an increase, or (b) a decrease, or (c) no effect]. Net Farm Income on the Income Statement [either (a) an increase, or (b) a decrease, or (c) no effect]. *** Circle the correct choice (a or b or c) on each line *** E.g. Paid out cash business expense of $6,000 a. Took out an operating loan for $16,000 b. Paid $21,000 cash for a new tractor c. Incurred annual depreciation expense equal to $15,000 d. Made principal payments on debt equal to $6,000 e. Paid out $20,000 for family consumption f. Realized an inventory increase equal to $7,000 for raised breeding livestock g. Paid out $11,000 interest on debt h. Made $10,000 of off-farm wages and invested it into the farm business (1) Net Worth (2) Net Farm Income on the Balance Sheet on the Income Statement (a) increase (a) increase (b) decrease (b) decrease (c) no effect (c) no effect a b c a b c a b a b a b a b a b a b a b a b a b a b a b C a b a b a b a b a b