1) Your Total Farm Expense on the Income Statement shows $300,000 and your Value of Farm Production is $305,000. You have $1,000 of Gain on Sale of Farm Assets and $500 of Non-Farm Income. Calculate the Net Farm Income Before Taxes. Round your answer to the nearest dollar.

2) Jane Deeres farm had $185,000 in cash expenses this year. She started the year with $20,000 in Accounts Payable, but ended with only $15,000. She had no change in Prepaid Expenses, but she did have $35,000 of Depreciation. Find her Total Farm Operating Expense. Round your answer to the nearest dollar.

3) Farmer Brown paid $200,000 in cash expenses during the year. At the beginning of the year, there was $5,000 worth of seed on hand. At the end of the year, there was $10,000 worth of seed on hand. What would be the accrual adjustment on the income statement? Round your answer to the nearest dollar.

Which of the following should be included in depreciation?

Land

Raised Breeding Livestock

Dairy Barn

All of the above