January $1,20231.$ Purchased $4$ quarters of land for $$400,000$ cash, expecting to keep the

land for $15$ years.

January $1,20232.$ Purchased cattle $(100$ heads$)$ at $$500/$head$.$

January $1,20233.$ Bought a tractor for $$1,200,000.$ It is expected to last $25$ years with a

residual value of $$200,000.$ Tractor is a class $10$ asset for tax and

depreciates at $30\%.$

January $1,20234.$ Sold $50$ heads for $$50,000.$

Dec $31,20235.$ At year's end, the tractor had an FMV of $$1,300,000.$

Dec $31,20286.$ After $5$ years, the tractor's FMV was $$600,000$ with a residual value of $$100,000$

Q$1.$ What amount is reported on fiscal $2029?$ Dec $31,2029$

Q$2.$ Prepare an income statement

Q$3.$ Prepare a balance sheet.

Q$4.$ Prepare the required Journal Entries

This is all one question so please answer all parts. Please prepare in excel.