$1$b$.(5$ pts $)$ Under the $1990$ Farm Bill and given the initial situation of a target price and marketing loan, indicate where the market price $($MP$),$ quantity supplied $($QS$)$ and demanded $($QD$),$ government stocks $($GS$),$ and Deficiency Payments $($DP$)$ and Marketing Loan Gains $($MLG$),$ if any, would be on the graph below. If applicable, indicate the price floor $($PF$)$ on the graph.

AGEC $340-$ Agribusiness Management

Assignment $3$

Complete all the questions; place your answers in the grey highlighted cells. Submit via Gradescope.

Part I: Financial Statements

Scenario: You have been hired as a manager for a family$-$owned agribusiness that specializes in Christmas tree production, in addition to a light show called Bernbeck Tree Farm. The company has been in operation for the past three years and has experienced steady growth. The owner is interested in evaluating the company's financial performance to make informed decisions for future investments. Using the financial data provided below, fill in the missing pieces of data and missing calculations for the income statement and balance sheet ending December $31,2024.$ Leave any unused lines blank; you may not use all the data below. The cells that are highlighted in grey require a value input $($value or calculation$).$ Make sure your work is legible, or it will not be graded.

Financial Data:

Accounts Payable $=$$$25,000$

Accounts Reccivable $=$$$30,000$

Inventory $=$$$25,000$

Bad Debt $=$$$1,550$

Cost of Tree Production $=$$$82,000$

Equipment $($market$-$basis value$)=$$$78,000$

Depreciation of Equipment $=$$$12,000$

Full$-$time salaries $=$$$100,000$

Depreciation on Processing and Lightshow Facilities $=$$$22,000$

Land value $($market basis value$)=$$$650,000$

Loan on land, facilities, and equipment $=$$$365,000$

Of that total, $$38,000$ is due within the next $12$ months.

Lightshow ticket sales $=$$$182,500$

Christmas tree sales $=$$$321,000$

$\backslash$table$[[$Balance Sheet for Bernbeck Tree Farm for the year ended December $31,2024],[,$$$,$$$,$$$,],[$Assets$],[$Current Assets$],[$Cash$/$checking$,,$$$32,000,,],[,,,,],[,,,,],[$Total Current Assets,,,,$],[$Fixed assets$],[,,,,],[$Processing and Lightshow Facilities,$$250,000,,,],[,,,,],[,,,,],[,,,,],[$Less: Accumulated Depreciation,,,,$],[,,,,],[$Total Fixed Assets,,,,$],[$OtherAssets$,,,,$$$0],[$Total Assets,,,,$],[$Liabilities$],[$Current Liabilities$],[,,,,],[,,,,],[$Accrued Expenses,,$$9,350,,],[$Total Current Liabilities,,,,$],[$Long$-$Term Liabilities$],[,,,,],[$Other$,,$$$0,,],[$Total Long$-$Term Liabilities,,,,$],[$Total Liabilities,,,,$],[$Owner$\text{'}$s Equity$],[$Owner$\text{'}$s Equity,,,,$],[$Total Owner's Equity,,,,$],[$Total Liabilities and Owner's Equity,,,,$]]$

$\backslash$table$[[$Income Statement for Bernbeck Tree Farm for the year ended December $31,2024],[$Sales:$],[,],[,],[$Gross Sales,$],[$Less Returns, Allowances, and Discounts,$5,600],[$Net Sales,$],[$Cost of Goods Sold:$],[,],[$Revenue expense for Lightshow,$57\mathrm{.}320],[$Total Cost of Goods Sold,$],[$Gross Profit $($Margin$),],[$Operating Expenses:$],[$Part$-$time salaries,$36,520],[$Office supplies$/$expenses$,2,140],[$Promotion and marketing,$58,500],[$Insurance$,13,200],[$Utility expenses $($electricity$,$ water$),6,300],[$Miscellaneous expenses,$3,025],[,],[,],[,],[,],[$Total Operating Expenses,$],[$Net Operating Income,$],[$Other Revenue,$5,000],[$Interest Expense,$11\mathrm{.}765],[$Net Income Before Taxes,$],[$Taxes$,18,938],[$Net Income After Taxes,$]]$