A new wine grape press costs $15,000 and has an expected salvage value of $3,000 after 8 years. Depreciate this equipment at 150% rate (show work). a. What was the average annual depreciation for the press once it is fully depreciated? $_______________ b. What is the book value after Year 5? $_______________ 37. If Prof Ernsts favorite holiday is National Pig Day, what would you expect his LEAST favorite celebration to be? Gross revenue $185,000 Opportunity cost on farm equity $ 17,300 Value of farm production $167,000 Total asset value: beginning $400,000 Net farm income $ 48,000 ending $430,000 Interest expense $ 18,000 Farm equity: beginning $340,000 Value of unpaid labor $ 31,000 ending $352,000 Depreciation Depreciation to date Book Value 1 2,250.00 2,250.00 12,750.00 2 2,390.63 4,640.63 10,359.37 3 1,942.38 6,583.01 8,416.99 4 1,578.19 8,161.20 6,838.80 5 1,282.28 9,443.48 5,556.52 6 1,041.85