INCOME STATEMENT AND ANALYSIS Assume IM. Farmer has an accounting period running from January 1 to December 31 Use the following information obtained for the calendar year 2018 accounting period to complete an income statement for I.M, using the Excel forms. Then complete the calculations on the other two pages. Print and attach your Excel forms. Homework without the Excel forms will receive a grade of O Inventory Values Dec. 31.2084 Crops Livestock $31,850 $18,600 $1,000 0 $29,440 $31,500 $900 $5,000 Growing crops 39,200 Crops Sold $199,400 22,200 8,910 Feed Purchased Taxes Misc. Expenses Market Livestock Sold Repairs Fertilizer Exp. Supply expense Labor Hired Fuel Expense Gain on mach. sale 1,400 7,800 127,260 14,200 13,400 4,800 27,600 8,800 3,500 Interest Paid (cash) Feeder Livestock Purch 59,500 Seed Purchased Vet. & Health Expense Income from Custom Work 6,320 Loss on Sale of 6,100 Breeding Stock Gov't payment income Chemical exp. 400 8,090 14,280 Accounts Receivable Accounts Payable Accrued Interest Other Accrued Expenses Prepaid Expense $6,250 $1,900 $1,500 $870 $8,350 $1,300 $410 $1,240 Other Information Average Asset Value (2018) Opportunity Cost of Operator Family Living Expenses Income & SE Tax Paid in 2014 Average Equity (2018) $920,000 25,000 20,000 5,000 $ 55,000 $21,200 $543,000 Labor Management Labor Opportunity Cost of Operator Opportunity Cost ofCapital 5% Opportunity Cost of Family