IL. ANOTHER EXAMPLE Assume U.R. Rancher has an accounting period running from January 1 to December 31. Use the following information obtained for the past calendar year accounting period to complete an income statement for UR. Then complete the calculations on the last two pages. Grain and Hay Livestock (market) Misc, supplies Inventory Values 01-Jan 31-Dec $14,500 $14,300 20,000 26,000 1.800 2,700 Income & Expenses Bldg Depreciation Feed Purchased Property Taxes Machinery Depreciation Misc. Expenses Market Livestock Sold Repairs Misc. Income Fertilizer & Chemical Expen Labor Hired $2,700 5.800 2,100 4.800 1,400 70,500 2.800 1,500 5.400 12.400 Crops Sold Insurance Interest Paid Feeder Livestock Purchased Seed Purchased Vet and Health Expense Gain on Sale of Breeding Livestock Gain on Sale of Machinery Income from Custom Work Gas & Oil Expense 36,000 1,300 20.900 22.300 1.900 1,100 1,200 2,600 1.700 2.800 Focus BA Font Paragraph Etor Grain and Hay Livestock (maket) Mise supplies Inventory Ves 01 Ja 31 Dec $14,500 $14,300 20,000 26,000 1.800 2,700 Income & Expenses Bide Depreciation Feed Purchased Property Taxes Machinery Depreciation Misc Expenses Market Livestock Sold Repairs Mine Income Fertilizer & Chemical Expen Labor Hired $2,700 5.800 2.100 4.800 1,400 70.500 2.800 1,500 5.400 12,400 Crops Sold Tource Interest Paid Feeder Livestock Purchased Seed Purchased Vet and Health Expense Gain on Sale of Breeding Livestock Gain on Sale of Machinery Income from Custom Work Gas & Oil Expense 56,000 1.300 20.900 22.500 1.900 1.100 1.200 2.600 1.700 2.800 Average Asset Value Assumed Value of Operator Labor Ad Vie of Operator Management Other Information $520,000 Family Living Expenses Income Tax Paid 12.000 Net Worth (12/31) Opportunity cost of 4,000 Cape $15,000 7.300 350.000 10% 0 Type here to search O AU 14 9/30/2020