Create a balance sheet for W.E. Ranch based on the following information for calendar year 2019.

Accounts and Inventory at Start of Year:

1020 acres of land bought for $560/acre

Beef breeding cows 106 head @ $650/head

Buildings and Improvements $12,000

Bulls 6 head @ $1,500 each

Calves to be sold in May 98 head @ $275 per head

Cash on hand $5600

Checking account balance $20,500

Farm mortgage payment due 4/1 each year. Pay $14000 principal annually and $20000 accrued interest this year. $222,000 principal remaining.

Farm pick-up bought for $28,000 in 2013 with an expected useful life of 10 years and a salvage value of $3,000.

Feeder cattle to be sold in April 138 head @ $575 per head

Invested $250,000 to start business

Loan on beef cows due October 1. Current balance $47,000. Pay $9,000 in principal and $3,900 in interest this year.

Milo on hand 1000 cwt @ $4.40 per cwt

Note payable on feeder cattle due 11/15 $34,000

Paid feed bill of $3,500 in January which was a lingering accounts payable from 2018.

Pay federal taxes of $3,600 in April