A cash-basis farmer with gross farm income of $95,000 incurred the following expenses: Feed for the current year $ 5,000; Combine rental with an operator 1,500; Auger rental without an operator 50; Phone line installation 65; Farm labor 30,000; The phone installation expense is for a first line into the home of the farmer. The line is used 20% for business. The farm labor cost includes $15,000 for wages, $12,000 for boarding, and $3,000 for farm products used by the labor. What is the net farm profit?

Select one:

a. $61,450

b. $58,450

c. $58,385

d. $64,885