Given the following information: Gross Farm Income: $320,000 Gross Farm Expenses: $275,000 Depreciation: $25,000 Beginning Grain Inventories: $78,000 Ending Grain Inventories: $100,000 Beginning Market Livestock Inventories: $20,000 Ending Market Livestock Inventories: $15,000 Beginning Cash Value: $6,000 Ending Cash Value: $11,000 Beginning Prepaid Expenses: $1,000 Ending Prepaid Expenses: $12,000 What is the Cash Basis Net Farm Income? 37,000 What is the Accrual Basis Net Farm Income? **Note: When answering the questions, DO NOT use dollar signs or decimals. Please DO USE commas if they are necessary. For example, if the answer was $10,000, format in the blank as 10,000.

-Note: When answering the questions, DO NOT use dollar signs on decimals. Please DO USE commas if they are hecessary. For example, If the answer was $10,000, format in the blank as 10,000