Assume I.M. Farmer has an accounting period running from January 1 to December 31. Use the following information obtained for the past calendar year accounting period to complete an income statement for I.M. using the attached form. Then complete the calculations on the last two pages. I posted an additional question for completing the income statement. For this question please complete the calculations listed in the additional two pictures.

$25,440 31,500 S189,600 Misc. Expenses Market Livestock Sold Feeder Livestock Purch 2al0lmet & Health Expense Income from Custom Work Labor Hired Gain on mach. sale Change in interest payable Other Information Average Asset Value (2007) S785,000 Family Living Expenses Opportunity Cost of Operator Opportunity Cost of Operator Opportunity Cost of Capital Owner's Equity (12/31) Average Equity Value S375,675 $25,440 31,500 S189,600 Misc. Expenses Market Livestock Sold Feeder Livestock Purch 2al0lmet & Health Expense Income from Custom Work Labor Hired Gain on mach. sale Change in interest payable Other Information Average Asset Value (2007) S785,000 Family Living Expenses Opportunity Cost of Operator Opportunity Cost of Operator Opportunity Cost of Capital Owner's Equity (12/31) Average Equity Value S375,675