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 *** (1) Net Worth (2) Net Farm Income on the on the Balance Sheet (a) increase (b) decrease (c) no effect a b c Income Statement (a) increase (b) decrease (c) no effect a b c E.g. Paid out cash business expense of $6,000 a. Took out an operating loan for $16,000 a b a b b. Paid $21,000 cash for a new tractor a b a b c. Incurred annual depreciation expense equal to $15,000 a b a b d. Made principal payments on debt equal to $6,000 a b a b e. Paid out $20,000 for family consumption a b a b f. Realized an inventory increase equal to $7,000 for raised breeding livestock a b a b g. Paid out $11,000 interest on debt a b a b h. Made $10,000 of off-farm wages and invested it into the farm business a b a b