$1.$ On January $1,2023,4$ quarters of land were purchased for $$400,000$ in cash, with the intention of retaining the land for $15$ years.

$2.$ Additionally, $100$ heads of cattle were acquired at $$500$ per head, and a tractor was bought for $$1,200,000.$ The tractor, classified as a class $10$ asset for tax purposes, has an expected lifespan of $25$ years and a residual value of $$200,000,$ depreciating at a rate of $30\%.$

$3.$ Furthermore, on January $1,2023,50$ heads of cattle were sold for $$50,000.$

$4.$ At the end of the year on December $31,2023,$ the tractor had a Fair Market Value $($FMV$)$ of $$1,300,000.$

$5.$ Subsequently, on December $31,2028,$ after $5$ years, the tractor's FMV was $$600,000,$ with a residual value of $$100,000.$

$1.$ Q$1$: What is the reported amount on fiscal $2029,$ as of December $31,2029?$

$2.$ Q$2$: Provide an income statement.

$3.$ Q$3$: Present a balance sheet.

$4.$ Q$4$: Compile the necessary journal entries.

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