II. Short Answers 1) Explain how to value perennial crops during the developing phase. (Points: 20) 2) Define base value accounting for raised breeding livestock and explain the difference between full cost absorption and base value accounting. (Points: 20) 3) Explain the valuation of investments in farm cooperatives, investments in entities other than farm cooperatives, life insurance policies, and retirement accounts. (Points: 20)

II. Short Answers 1) Explain how to value perennial crops during the developing phase. (Points: 20) 2) Define base value accounting for raised breeding livestock and explain the difference between full cost absorption and base value accounting. (Points: 20) 3) Explain the valuation of investments in farm cooperatives, investments in entities other than farm cooperatives, life insurance policies, and retirement accounts. (Points: 20)