Exhibit 1/Balance Sheet - Beginning of Year Cost Market Cost Market Value Value Current Assets Cash Current Liabilities $6,750 $6,750 Accounts Payable $3,500 $3,500 Marketable Securities 2,500 5,500 Operating Loan 45,000 45,000 Accounts Receivable 600 600 Principal Portion of Term-Debt Livestock Held for Sale 48,500 48,500 Due Within One Year 34,000 34,000 Crops and Feed 61,500 61,500 Accrued Interest 10,500 10,500 Cash Investment in Crops 1,200 1,200 Estimated Accrued Taxes 8,600 8,600 Supplies 1,300 1,300 Accrued Rents Payable 1,300 8,000 Prepaid Expenses 500 500 Deferred Tax Liability on Current Assets 32,445 Total Current Assets $122,850 $125,850 Total Current Liabilities $102,900 $142,045 Non-Current Assets Non-Current Liabilities Machinery and Equipment $85,500 Machinery Loans $29,000 $46,000 Cost Acc. Depreciation Breeding Livestock $110.500 Real Estate and Building Loans 175,000 175,000 40,000 $70,500 Deferred Tax and Liabilities on 22.500 22,500 Non-Current Assets 23,250 Retirement Accounts Cash Value of Life Insurance 6,500 6.500 Total Non-Current Liabilities $204,000 $244,250 8,100 8,100 Securities Not Readily Marketable 4,600 4,600 Personal and Recreational Vehides 13,100 13,100 Household Goods and Personal Items 8,000 8,000 Farm Real Estate and Buildings $495,000 Cost $380,000 Acc. Depreciation 40,000 $340,000 $473,300 $643,300 Total Liabilities Total Non-Current Assets Total Assets $596,150 $769,150 Owner Equity Total Liabilities and Owner Equity $306,900 $386,295 289,250 382,855 $596,150 $769,150