Dean Farmer recently won the lottery, and used his winnings to purchase a farm in 2018. Dean did not go to college, but rather grew up on a farm, worked as a cabinet maker for 10 years, and then won the lottery. He was able to generate a beginning balance sheet, however he did not have experience with depreciation or market adjustments.

1. Beginning Cost Basis Balance Sheet

2. In addition to the original $75,000 operating loan at the beginning of the year, Dean took out an additional operating loan of $67,000 in July as a source of new financing for the year. Both loans are due on February 15, 2020.

3. Dean also had records of his current account balances as of December 31, 2019

Cash	24,000	Interest payable	10,650
Fuel and oil expense	37,000	Interest paid	11,850
Property tax payable	16,000	Supplies on hand	18,000
Labor expense	18,000	Repair expense	36,900
Property taxes paid	15,000	Insurance expense	10,500
Accounts receivable	32,000	Feeder livestock purchases	20,000
Feed purchases	15,000	Crop sales (corn and wheat)	350,750
Corn Inventory	120,000	Principal paid-Beef Loan	10,000
Prepaid expenses	20,000	Principal paid-Farm Mortgage	20,000
Livestock sales	17,500	Government program payments	2,000
Crop expenses	220,000	Other livestock expenses	12,000
Market Livestock Inventory	36,000	Accounts Payable	17,000
Wheat Inventory	50,000	Feed on Hand	70,000

Create the Beginning Balance Sheet (Jan 1, 2019) in a new spreadsheet.