How much did I.M. Farmer's equity increase or decrease during 2007? $ _____________

10. What was I.M.'s equity on January 1, 2007? $ ____________

11. Value of Farm Production is a concept defined as Total Revenue minus livestock purchased minus feed purchased. What was I.M's Value of Farm Production for 2007?

12. What does Value of Farm Production Measure?

Assume I.M. Farmer has an accounting period running from January 1 to December 31 . Use the stat ! last two pages. Assume I.M. Farmer has an accounting period running from January 1 to December 31 . Use the stat ! last two pages