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please catorgorize by currentoncurrent/fixed assets or liabilities Assets and Supplies Inventory - Total farmland: 60 acres @ $1,800 per acre (Area in crop 50 acres;
please catorgorize by currentoncurrent/fixed assets or liabilities
Assets and Supplies Inventory - Total farmland: 60 acres @ \$1,800 per acre (Area in crop 50 acres; homestead 4 acres; woodland 6 acres) Irrigation system valued @ \$6,000, useful life of 10 years, no salvage John Deere 10-ft. rake @ \$35,000, useful life, 5 years, salvage value, $3,500 John Deere baler @ $55,000, useful life, 10 years, salvage value, $5,500 John Deere Tractor valued @ $50,000,10 years life, salvage value, $5,000 Rye seeds,150 bushels@ \$10.40/bu. Soybean hulls, 14,400 lbs. (7.2 tons) @ \$260/ton Lime, 2,000 lbs. @ \$12.72/acre, (application rate is 40lbs./acre to grow forages.) Fertilizer,10 tons@ $440/ ton, (1 ton=2,000 lbs., requires 50lbs. per acre) Fuel, 400 gals. @ \$3.80/gal (requires 3.25 gals/acre) Oil,30 gallons @ \$10/gal (requires 15 gals for 1 oil change) Truck, worth $20,000, useful life of 8 years, salvage value, $2,500 Cash in checking account@ \$35,000 Savings account @ \$2,000 Accounts Receivable@ \$5,000 Accounts Payable on fertilizer account @\$3,600 Principal and interest on farm mortgage this year@ \$6,000 and interest@2,000 Notes payablenon-current USDA Loan@ \$17,500 Farm mortgage principle@6,000 and interest @ 1,800 due this year - Farm mortgage note, non-current @ \$79,000 Retained Earnings@ \$20,000 Contributed Capital@ \$10,000 Step by Step Solution
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