STEP 2: Green Farms also had records of their income and expenses. Prepare the income statement that they would need to present to the bank. - Green Farms has Cash Sales of Market Livestock \& Crop which totaled \$35,000 - During the summer, the barn collapsed, and they received an insurance check for 55,000 - They received a reimbursement check from USDA/NRCS for $8,000 - The had the following expenses: - Purchased feed@\$2,000 - They paid wages for hired help@\$4,000 - They purchased additional supplies@\$2,500 - They purchased lubricants for the old tractor@\$200 They paid the farm water bill (a) $300 They had depreciation expense@\$00 The incurred a loss on the sale of a tractor@\$800 Their income tax in the amount of $500