a pro forma income statement for the first3?years of ownership of a10?acre piece of land with a purchase price of $325,000(keep in mind that if year1?is the acquisition phase, you will likely have mostly expenses, minimizing or eliminating profit for that year).?this land will be used for a cattle farm with the averae revenue per cow of $725?

Table 1: Estimated Gross Return to Spring Calving Cow-calf Op Revenues Steer / Heifer Calf Average 550 Ibs $1.55 $853 Discount for Open Cows 15% open $128 Total Revenues per Cow $725 Specified Expenses Pasture Maintenance (cash 2.0 acres $30 $60 costs) Hay (cash costs) 2.5 tons $55 $138 Mineral $35 Vet $25 Breeding $40 Marketing $35 Winter Feeding and Other Machinery (cash costs) $20 Trucking (calves, supplies, etc.) $15 Cow Depreciation and Interest $142 Other (insurance, prop taxes, water, etc.) $40 Total Specified Expenses per Cow $550 Gross Return (Doesn't include Depreciation or Interest on Equipment/Fencing/Facilities, Land, or Labor) $175