L. ASSET VALUATION AND BALANCE SHEET EXERCISES Assets can be valued using either a cost-based valuation system or a market-based valuation system. For each asset listed, place a "C" in the blank under the most appropriate valuation method to use for that asset when using a cost system. Place an "M" in the blank under the valuation method that should be used under a market based valuation system. Valuation Methods Cost less Depreciation Farm Production Cost Market Value ASSET Cost Tractor Grain sorghum in storage Purchased Feeder cattle Purchased beef breeding cows Raised beef breeding cows Wheat crop growing in field Land Hay barn