Question: ANSWER ALL ACCORDINGLY PLEASE AND THANK YOU! 2. Would the following entries to a farm balance sheet be classified as assets or liabilities? As current

ANSWER ALL ACCORDINGLY PLEASE AND THANK YOU!

2. Would the following entries to a farm balance sheet be classified as assets or liabilities? As current or noncurrent? Label appropriately (4) a. Feed bill at local feed store - b. A 20-year farm mortgage contract c. A 36-month certificate of deposit d. Newborn calves 3. For each asset listed, place a C in the blank under the most appropriate valuation method to use for that asset when using a cost system. Place an M in the blank under the valuation method that should be used under a market based valuation system. (4) Valuation Methods Farm Cost less Production ASSET Depreciation Cost Market Cost Value Tractor Apples in storage Wheat crop growing in field Land

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