(a) Prepare an income statement and statement of financial position for each twin. Note that you have to decide whether to include the sheep owned by Rogan's wife when making his financial statements (what is the accounting entity?) (Hint: Use the number of sheep rather than the number of dollars as the common unit of measure.) (b) Refer to the statements you prepared in requirement (a) to answer the following questions: (1) Which twin has more owner's equity at the end of the accounting period? (2) Which twin produced the higher net income during the accounting period? (3) Which son should be designated heir based on conventional accounting and reporting standards? (c) What is the difference in the value of the land of the twins if the land is valued at market value (that is, three sheep per acre) rather than historical cost (that is, two sheep per acre)? (d) Did Argon's decision to borrow sheep increase his profitability? Support your answer with appropriate financial data. (e) Was Argon's decision to build a fence financially prudent? Support your answer with appropriate financial data