All feed that was the year. No purchased market livestock were on hand at the end of the year. 50 head of raised feeder pigs were on hand at the end of the year. Raised grain for feed was still on hand at the end of the year. ing journal entry that would be recorded at the end of the year (December 31). 4-7. For each of the multiple choice questions below, select the appropriate adjust- that the Farmers estimated on December 31 that they owed income rax for $3,670. They will pay their taxes in February next year. They did not owe any income taxes at the beginning of the year. Suppose a. Taxes Payable Change in Taxes Payable b. Taxes Payable Cash 3,670 3,670 3,670 3,670 c Change in Taxes Payable 3,670 Taxes Payable 3,670 d No entry is required under the accrual-adjusted approach. The Farmers determine that the amount of current deferred taxes at the end of the year is $2,000. No current deferred taxes existed at the beginning of the year. a. Change in Taxes Payable 2,000 Current Deferred Taxes 2,000 b. Current Deferred Taxes 2,000 Change in Taxes Payable 2,000 c. Change in Taxes Payable 2,000 Taxes Payable 2,000 d No entry is required under the accrual-adjusted approach. 4-8 - Create ledger accounts for the items in the following adjusting journal entries and post the entries to the ledger accounts. a. Feed Inventory Purchased for Use 570 Change in Purchased Feed Inventories 570 b. Crop Inventory Raised for Sale 10,000 Change in Crop Inventory 10,000 c. Feeder Livestock Inventory Purchased for Resale 9,050 Change in Purchased Feeder Livestock Inventory 9,050 1,000 Change in Prepaid Insurance 1,000 31,000 d. Prepaid Expenses e. Depreciation Expense Accumulated Depreciation f. Change in Accounts Payable Accounts Payable 31,000 600 600