4. Following is information about the breeding livestock I have on my farm. Use this information to answer the questions that follow. o Base value: $1,200/cow o Average purchase price for cows: $1,000/cow o Total accumulated depreciation on cows = $400/cow o Current market value of cows = $1,500 o Inventory: Raised cows Purchased cows Inventory 350 Raised Breeding Livestock Purchased Breeding Livestock 100 a. Complete the following entries in the balance sheet with respect to breeding livestock Cost Basis Market Basis Use the following information to answer questions 5 and 6: I bought a combine for $350,000. I expect the useful life to be 5 years and salvage value to be $75,000. This is the second year that I have had the combine. Auctions in my area that I typically use for determining value have had sales of similar combines with similar hours and etc. averaging $275,000. However, I have noticed some national websites have similar combines for $325,000. Use this information to complete the balance sheet entries below. Assume straight-line depreciation. 5. What is the value for the Cost Basis balance sheet? 6. What is the value for the Market Basis balance sheet? 8 Wha Machinery, combine Cost Basis Market Basis 7. I borrowed $300,000 for machinery on March 1, 2020. Payments are due on March 1st of each year, thus the first payment will be on March 1, 2021. It is currently December 31, 2020 and I am completing by balance sheet. My interest rate is 5% and my principal payment due on March 1st, 2020 is $50,000. Please complete the balance sheet entries below. Current Liabilities Current portion due Accrued Interest Intermediate Liabilities Intermediate loan balance Cost Basis Market Basis