Some needed information for your homework assignment. Assume the following: 1. $189,371 as deferred taxes on current assets 2. $84,021 as deferred taxes on non-current assets 3. $500,000 of inheritance received in 2010 that was invested in the business. Use the information below to construct a business, December 31, 2019 balance sheet (both cost or book" and market value basis) for Harrison Hampshires. Turn in both the Balance Sheet and any schedules used. Some items below will NOT be used. You may make schedules (lists) of different categories, such as machinery and equipment. I suggest you build a balance sheet spreadsheet in Excel. A basic balance sheet template is posted on Canvas as an example. Items to evaluate: 1. Gasoline on hand on 12/31/19, 1000 gallons @ $2.15 per gallon 2. Original cost of all bare land owned $900,000 3. Principal paid on farm real estate mortgage during 2019 $25,000 4. Accrued interest on hog building loan of $2,500 5. Farm Credit Bank (FCB) operating loan due 10/31/20 $68,750 6. Insurance premium for 2020, paid 12/20/19 $3,500 (hint: pre-paid expense) 7. Cash on hand and in checking account 12/31/19 $5,500 8. Grain sales during 2019 $550,000 9. 100 shares of ABC, Inc. purchased at $110/share, now worth $95/share (traded on NYSE) 10. Savings account balance as of 12/31/19 $17,000 11.4WD pick-up truck, cost $42,500, accumulated depreciation $10,000, current value $37,500 12. Cash paid throughout the year for 2019 crop expenses $250,000 13. Wages paid throughout the year for hired labor in 2019 $38,000 14. Cash (pre) paid for 2020 crop expenses $18,000 15. Estimated market value of all bare land owned $1,250,000 16. Hog building loan principal payment on 10/15/19 of $15,000 17. Crop Inventory 12/31/19: Corn: 75,000 bushels at $3.40/bu Soybeans: 25,000 bushels at $7.50/bu 18. FCS Machinery Note, 4 yr remaining, principal balance $57,000 on 12/31/19 19. Accrued interest on operating note as of 12/31/19 $1,250 20. Diesel fuel on hand on 12/31/19, 1500 gallons @ $2.45 per gallon 21. Combine, cost $475,000, accumulated depreciation $95,000, current value $400,000 22. Portion of Wells Fargo real estate mortgage principal due within the next 12 months $29,500 23. Wells Fargo real estate mortgage principaltotal outstanding as of 12/31/19 $500,000 24. Repair work done on 12/17/19 bill not yet received on 12/31/19, but is expected to be $3,500. 25. 2WD 100 hp tractor, cost $68,000, accumulated depreciation $25,000, current value $48,000 26. 200 shares of XYZ, Co. purchased at $60/share, now worth $75/share (traded on NYSE) 27. Accrued interest on Wells Fargo real estate mortgage as of 12/31/19 $12,000 28. Field cultivator, cost $35,000, accumulated depreciation $9,500, current value $27,000 29. Principal payment due on FCS machinery note on 6/1/20, $17,500 30. Livestock Inventory 12/31/19 Market Hogs: (All market hogs and feeder pigs are feeder livestock) 600 Hogs, avg. 200 lbs. at $0.75/lb. 400 Hogs, avg. 165 lbs. at $0.90/1b 900 Feeder Pigs, avg. 40 lbs. at $1.85/1b Purchased Breeding Stock 50 Sows purchased at $400 each Accumulated Depreciation of $90 each Market Value of $375 each 5 Boars purchased at $500 each Accumulated Depreciation of $270 each Market Value of $475 each Raised Breeding Stock (Base value method) 40 gilts, base value $275 each, market value $300 each 4 boars, base value $350 each, market value $400 each 31. Real estate taxes for 2019, payable in two installments during 2020, total of $16,000 32. Estimated accrued income taxes as of 12/31/19 $9,500 33. Principal payment due on hog building loan on 10/15/20, $12,500 34. Principal payment of $13,000 made on 6/1/19 on the FCS machinery note 35. 7-year note with John Deere Credit, principal balance as of 12/31/19 $55,000 36. Hog building, original cost $275,000, accumulated depr $150,000, current value $50,000 37. Planter, cost $58,500, accumulated depr $28,000, current value $35,000 38. Gravity wagons, cost $30,000, accumulated depr $15,000, current value $12,000 39. Vet supplies on hand on 12/31/19 $3,000 40. Principal balance remaining on 15-year loan for hog buildings as of 12/31/19, $80,000 41. Manure spreader, cost $25,500, accumulated depreciation $10,000, current value $12,000 42. John Deere note principal payment due 9/1/20 $13,000 43. 2WD, 160 hp tractor, cost $88,500, accumulated depreciation $33,000, current value $57,000 44. Accrued interest of $3,500 on FCS machinery note 45, 4WD, 260 hp tractor, cost $155.000, accumulated depreciation $44,000, current value $87.000 46. Grain drill, cost $50,000, accumulated depreciation $10,000, current value $42,500 47. 2WD truck, cost $30,500, accumulated depreciation $10,000, current value $15,000 48. Chemicals on hand on 12/31/19 $3,750 49. Accrued interest of $1,000 on John Deere Credit note 50. Tandem truck, cost $77,000, accumulated depreciation $25,000, current value $55,000 51. Cash paid throughout the year for feeder pigs in 2019 $8,000 52. Government program payments (accounts receivable) will be paid to you during 2020 of $22,000 Some information may not be used. Assume no personal assets or liabilities. Some needed information for your homework assignment. Assume the following: 1. $189,371 as deferred taxes on current assets 2. $84,021 as deferred taxes on non-current assets 3. $500,000 of inheritance received in 2010 that was invested in the business. Use the information below to construct a business, December 31, 2019 balance sheet (both cost or book" and market value basis) for Harrison Hampshires. Turn in both the Balance Sheet and any schedules used. Some items below will NOT be used. You may make schedules (lists) of different categories, such as machinery and equipment. I suggest you build a balance sheet spreadsheet in Excel. A basic balance sheet template is posted on Canvas as an example. Items to evaluate: 1. Gasoline on hand on 12/31/19, 1000 gallons @ $2.15 per gallon 2. Original cost of all bare land owned $900,000 3. Principal paid on farm real estate mortgage during 2019 $25,000 4. Accrued interest on hog building loan of $2,500 5. Farm Credit Bank (FCB) operating loan due 10/31/20 $68,750 6. Insurance premium for 2020, paid 12/20/19 $3,500 (hint: pre-paid expense) 7. Cash on hand and in checking account 12/31/19 $5,500 8. Grain sales during 2019 $550,000 9. 100 shares of ABC, Inc. purchased at $110/share, now worth $95/share (traded on NYSE) 10. Savings account balance as of 12/31/19 $17,000 11.4WD pick-up truck, cost $42,500, accumulated depreciation $10,000, current value $37,500 12. Cash paid throughout the year for 2019 crop expenses $250,000 13. Wages paid throughout the year for hired labor in 2019 $38,000 14. Cash (pre) paid for 2020 crop expenses $18,000 15. Estimated market value of all bare land owned $1,250,000 16. Hog building loan principal payment on 10/15/19 of $15,000 17. Crop Inventory 12/31/19: Corn: 75,000 bushels at $3.40/bu Soybeans: 25,000 bushels at $7.50/bu 18. FCS Machinery Note, 4 yr remaining, principal balance $57,000 on 12/31/19 19. Accrued interest on operating note as of 12/31/19 $1,250 20. Diesel fuel on hand on 12/31/19, 1500 gallons @ $2.45 per gallon 21. Combine, cost $475,000, accumulated depreciation $95,000, current value $400,000 22. Portion of Wells Fargo real estate mortgage principal due within the next 12 months $29,500 23. Wells Fargo real estate mortgage principaltotal outstanding as of 12/31/19 $500,000 24. Repair work done on 12/17/19 bill not yet received on 12/31/19, but is expected to be $3,500. 25. 2WD 100 hp tractor, cost $68,000, accumulated depreciation $25,000, current value $48,000 26. 200 shares of XYZ, Co. purchased at $60/share, now worth $75/share (traded on NYSE) 27. Accrued interest on Wells Fargo real estate mortgage as of 12/31/19 $12,000 28. Field cultivator, cost $35,000, accumulated depreciation $9,500, current value $27,000 29. Principal payment due on FCS machinery note on 6/1/20, $17,500 30. Livestock Inventory 12/31/19 Market Hogs: (All market hogs and feeder pigs are feeder livestock) 600 Hogs, avg. 200 lbs. at $0.75/lb. 400 Hogs, avg. 165 lbs. at $0.90/1b 900 Feeder Pigs, avg. 40 lbs. at $1.85/1b Purchased Breeding Stock 50 Sows purchased at $400 each Accumulated Depreciation of $90 each Market Value of $375 each 5 Boars purchased at $500 each Accumulated Depreciation of $270 each Market Value of $475 each Raised Breeding Stock (Base value method) 40 gilts, base value $275 each, market value $300 each 4 boars, base value $350 each, market value $400 each 31. Real estate taxes for 2019, payable in two installments during 2020, total of $16,000 32. Estimated accrued income taxes as of 12/31/19 $9,500 33. Principal payment due on hog building loan on 10/15/20, $12,500 34. Principal payment of $13,000 made on 6/1/19 on the FCS machinery note 35. 7-year note with John Deere Credit, principal balance as of 12/31/19 $55,000 36. Hog building, original cost $275,000, accumulated depr $150,000, current value $50,000 37. Planter, cost $58,500, accumulated depr $28,000, current value $35,000 38. Gravity wagons, cost $30,000, accumulated depr $15,000, current value $12,000 39. Vet supplies on hand on 12/31/19 $3,000 40. Principal balance remaining on 15-year loan for hog buildings as of 12/31/19, $80,000 41. Manure spreader, cost $25,500, accumulated depreciation $10,000, current value $12,000 42. John Deere note principal payment due 9/1/20 $13,000 43. 2WD, 160 hp tractor, cost $88,500, accumulated depreciation $33,000, current value $57,000 44. Accrued interest of $3,500 on FCS machinery note 45, 4WD, 260 hp tractor, cost $155.000, accumulated depreciation $44,000, current value $87.000 46. Grain drill, cost $50,000, accumulated depreciation $10,000, current value $42,500 47. 2WD truck, cost $30,500, accumulated depreciation $10,000, current value $15,000 48. Chemicals on hand on 12/31/19 $3,750 49. Accrued interest of $1,000 on John Deere Credit note 50. Tandem truck, cost $77,000, accumulated depreciation $25,000, current value $55,000 51. Cash paid throughout the year for feeder pigs in 2019 $8,000 52. Government program payments (accounts receivable) will be paid to you during 2020 of $22,000 Some information may not be used. Assume no personal assets or liabilities