Use the information below to construct a balance sheet for January 1, 2019. Then answer the questions that follow.

• Accounts payable $12,000
• Accounts receivable $8,250
• Accrued interest on land loan of $2,000
• Breeding livestock (raised) $165,000
• Checking account balance $17,500
• Crops $125,000
• Machinery and equipment $275,000
• Market livestock $115,000
• Net present value of land $1,500,000
• Principal loan payment on land of $40,000 leaving a remaining balance of $920,000
• Taxes payable $17,000

How much profit did the farm make as of January 1, 2019?