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Depreciation Schedule

Asset JD 7800 Purchase Price $57,470


Purchase Date 10/1/2007 Salvage Value $21,000
Method Straight Line Beginning Depr Ba $36,470

Date Depreciabl Depreciatio Book Value Gain or Comment/ Mkt Value


e Base n Claimed Value Of Sale Loss
10/1/2007 $36,470 0 $57,470 Purchase
12/31/2007 $36,470 1,824 55,647
12/31/2008 36,470 3,647 52,000
12/31/2009 32,823 3,647 48,353
12/31/2010 29,176 3,647 44,706
12/31/2011 25,529 3,647 41,059
12/31/2012 21,882 3,647 37,412
12/31/2013 18,235 3,647 33,765
12/31/2014 14,588 3,647 30,118 27,353 Interest through 12/31/14
12/31/2015 10,941 3,647 26,471
12/31/2016 7,294 3,647 22,824
12/31/2017 3,647 1,824 21,000

Asset Two Center Pivots Purchase Price $76,000


Purchase Date 4/1/2009 Salvage Value $10,000
Depr Method Straight Line Beg Dep Base $66,000

Date Depreciabl Depreciatio Book Value Gain or Comment/ Mkt Value


e Base n Claimed Value Of Sale Loss
4/1/2009 $66,000 $0 $76,000 Purchase
12/31/2009 66,000 3,300 72,700
12/31/2010 62,700 6,600 66,100
12/31/2011 56,100 6,600 59,500
12/31/2012 49,500 6,600 52,900
12/31/2013 42,900 6,600 46,300
12/31/2014 36,300 6,600 39,700 $36,300 Interest through 12/31/14
12/31/2015 29,700 6,600 33,100
12/31/2016 23,100 6,600 26,500
12/31/2017 16,500 6,600 19,900
12/31/2018 9,900 6,600 13,300
12/31/2019 3,300 3,300 10,000

Asset 8 Row Planter Purchase Price $51,000


Purchase Date 8/1/2013 Salvage Value $19,000
Depr Method Time - and - half Beg Depr Base $32,000

Date Depreciabl Depreciatio Book Value Gain or Comment/ Mkt Value


e Base n Claimed Value Of Sale Loss
8/1/2013 $32,000 $0 $51,000 Purchase
12/31/2013 32,000 4,781 46,219
12/31/2014 27,219 8,666 37,553 $13,447 Interest through 12/31/14
12/31/2015 18,553 7,041 30,512 28500 -9,053 Sold
12/31/2016 11,512 5,721 24,791
12/31/2017 5,791 4,648 20,142
12/31/2018 1,142 1,142 19,000
12/31/2019 - - 19,000
12/31/2020 - - 19,000
12/31/2021 - - 19,000

note to self: 8 years /1.5 = 5.3 years depreciated

Asset Planter Purchase Price 65,000


Purchase Date 10/5/2015 Salvage Value 22,000
Depr Method Double Declining Beginning Depr Ba 43,000

Depreciabl Depreciatio Gain or


Date e Base n Claimed Book Value Value of Sale Loss Comment
10/5/2015 43,000 - 65,000
12/31/2015 43,000 9,286 55,714 **used half year convention as well
12/31/2016 33,714 15,918 39,796
12/31/2017 17,796 11,370 28,426
12/31/2018 6,426 6,426 22,000
12/31/2019 - - 22,000
12/31/2020 - - 22,000
12/31/2021 - - 22,000
12/31/2022 - - 22,000
Loan Schedules
JD 7800
Amount Borrowed 41,470 Term 8 yr
Interest Rate 6.9%

Total Interest 13,874

Equal Total Payment


Date Principle Interest Total Balance
10/1/2007 6,918 41470
10/1/2008 4,057 2,861 6,918 37,413
10/1/2009 4,336 2,582 6,918 33,077
10/1/2010 4,636 2,282 6,918 28,441 Accrued Interest through 1/1/15
10/1/2011 4,956 1,962 6,918 23,486 111.63
10/1/2012 5,297 1,621 6,918 18,188
10/1/2013 5,663 1,255 6,918 12,525
10/1/2014 6,054 864 6,918 6,471
10/1/2015 6,471 447 6,918 0
total 13,874

320 Acres
Amount Borrowed 648,110 Term 30 year mortgage
Interest Rate 5.55%

Total Interest 697,090

Date Principle Interest Total Balance


4/1/2009 648,110
4/1/2010 8,870 35,970 44,840 639,240
4/1/2011 9,362 35,478 44,840 629,878
4/1/2012 9,882 34,958 44,840 619,996
4/1/2013 10,430 34,410 44,840 609,566
4/1/2014 11,009 33,831 44,840 598,557 Accrued Interest 12/31/15
4/1/2015 11,620 33,220 44,840 586,937 24,431
4/1/2016 12,265 32,575 44,840 574,672
4/1/2017 12,946 31,894 44,840 561,726
4/1/2018 13,664 31,176 44,840 548,062
4/1/2019 14,423 30,417 44,840 533,639
4/1/2020 15,223 29,617 44,840 518,416
4/1/2021 16,068 28,772 44,840 502,348
4/1/2022 16,960 27,880 44,840 485,389
4/1/2023 17,901 26,939 44,840 467,488
4/1/2024 18,894 25,946 44,840 448,593
4/1/2025 19,943 24,897 44,840 428,650
4/1/2026 21,050 23,790 44,840 407,600
4/1/2027 22,218 22,622 44,840 385,382
4/1/2028 23,451 21,389 44,840 361,931
4/1/2029 24,753 20,087 44,840 337,178
4/1/2030 26,127 18,713 44,840 311,051
4/1/2031 27,577 17,263 44,840 283,475
4/1/2032 29,107 15,733 44,840 254,368
4/1/2033 30,723 14,117 44,840 223,645
4/1/2034 32,428 12,412 44,840 191,217
4/1/2035 34,227 10,613 44,840 156,990
4/1/2036 36,127 8,713 44,840 120,863
4/1/2037 38,132 6,708 44,840 82,731
4/1/2038 40,248 4,592 44,840 42,482
4/1/2039 42,482 2,358 44,840 0
total 697,090
Operating Expense Loan
Amount Borrowed 37000 Term 1 yr.
Interest Rate 7.15%

Date Principle Interest Total Balance Accrued interest through 1/1/15


4/1/2014 37,000 1984
12/31/2014 1,984 37,000
4/1/2015 37,000 661 39,646 0

Operating Expense Loan


Amount Borrowed 38000 Term 1 yr.
Interest Rate 6.90%

Date Principle Interest Total Balance


7/15/2015 38,000
12/31/2015 1,202 38,000 Accrued interest through 12/31/15
7/15/2016 37,000 1,311 40,513 0 1,202
Inventory Schedule
Product: Corn
Unit of Inventory: BU

Date Description Product In Product Out Inventory Balance Item CostTotal Inventory Value
1/1/2015 beginning balance 43,000 $ 4.35 $ 187,050
2/5/2015 Independent Grain 23,000 20,000 $ 4.15
3/5/2015 Wishmore Feedlot 12,000 8,000 $ 4.10
8/17/2015 Independent Grain 8,000 - $ 3.85
10/25/2015 Harvest Corn 67,500 67,500
10/25/2015 Independent Grain 28,500 39,000 $ 3.90
12/15/2015 Wishmore Feedlot 25,000 14,000 $ 3.90
12/31/2015 Corn On Hand 14,000 $ 3.75 $ 52,500
Transaction Journal
For Year Ending on December 31,2015
g Nonfarm
Operating Capital Money Nonfarm Expense Interest Principal Capital Expense Cash
Date Explanation Receipts Sales Borrowed Income s Payments Payments Purchases s Balance
1/1 6,413
2/5 Independence Grain 95,450 101,863
2/21 Grange Supply 9,475 92,388
3/1 Taxes - SS & Income 19,800 72,588
3/5 Wishmore Feedlot 49,200 121,788
3/17 Last National 2,537 37,000 82,251
4/1 Mortgage Payment 33,220 11,620 37,411
4/15 Real Estate Taxes (1st half) 2,875 34,536
5/12 High and Dry Irrigating 31,580 2,956
5/24 Hart Throb 8,250 11,206
6/15 Big Valley Service 5,370 5,836
7/15 Last National 38,000 43,836
7/20 Frank's Farm Supply 22,280 21,556
7/25 Buzzem Aerial Applicators 12,600 8,956
8/17 Independence Grain 30,800 39,756
9/15 Grange Supply 19,450 20,306
10/1 Tractor Loan Payment 447 6,471 13,388
10/5 New Planter 10,000 3,388
10/15 Real Estate Taxes (2nd half) 2,875 513
10/25 Independence Grain 111,150 111,663
11/5 Harry Husker 29,600 82,063
11/15 Planter 55,000 27,063
11/28 Sold Planter 28,500 55,563
12/5 Personal withdrawal 38,000 17,563 cash balance 12/31/15
12/15 Wishmore Feedlot - pay in 2016 97,500 115,063
Totals 392,350 28,500 38,000 - 136,105 36,203 55,092 65,000 57,800

Total 458,850
Total 350,200
Difference 108,650
AR (97,500)
11,150
Balance Sheet
Platte Valley Paul
As of 1/1/2015

Assets Liabilities
Current Assets Cost Market Current Liabilities Cost Market

Cash 6,413 6,413 Accounts Payable 9,475 9,475


Inventory 187,050 187,050 Operating Loan 37,000 37,000
Fuel/Supplies 9,800 9,800 Accrued Interest 27,011 27,011
Prepaid Fertilizer 22,500 22,500 Accrued Real Estate Taxes 5,750 5,750
Total Current Assets 225,763 225,763 Current year JD7800 Loan 6,471 6,471
Current year Land Loan 11,620 11,620
Total Current Liabilities 97,327 97,327

Non-Current Asset Non-Current Liabilities


Land 720,110 1,160,000 Land Loan 586,937 586,937
JD 7800, 2 Center
Pivots, 8 Row Planter 107,370 110,500 Total Non-Current Liabilities 586,937 586,937
Total Non-Current Asset 827,480 1,270,500

Total Liabilities 684,264 684,263

Net Worth 368,979 812,000

Total Assets 1,053,243 1,496,263 Total Liabilities and Net Worth 1,053,243 1,496,263

Check Figures - -

Balance Sheet
Platte Valley Paul
As of 12/31/2015

Assets Liabilities
Current Assets Cost Market Current Liabilities Cost Market

Cash 17,563 17,563 Accounts Payable 6,530 6,530


Accounts Receivable 97,500 97,500 Operating Loan 38,000 38,000
Inventory 52,500 52,500 Accrued Interest 25,633 25,633
Fuel/Supplies 8,530 8,530 Accrued Real Estate Taxes 6,125 6,125
Prepaid Fertilizer - - Current year Land Loan 12,265 12,265
Total Current Assets 176,093 176,093

Total Current Liabilities 88,553 88,553

Non-Current Asset Non-Current Liabilities


Land 720,110 1,225,000 Land Loan 574,671.75 574,672
JD 7800, 2 Center
Pivots, New Planter 115,285 141,000 Total Non-Current Liabilities 574,672 574,672
Total Non-Current Asset 835,395 1,366,000

Total Liabilities 663,225 663,225

Net Worth 348,263 878,868

Total Assets 1,011,488 1,542,093 Total Liabilities and Net Worth 1,011,488 1,542,093

Check Figures - -
Accrual Income Statement Cash Income Statement
For Year Ending in 12/31/15 For Year Ending in 12/31/15

Revenue Revenue
Crop Sales 286,600 Crop Sales 286,600
Change in Crop Inventory (134,550) Custom Work Preformed 8,250
Change in Accounts Receivable 97,500 Total Revenue 294,850
Custom Work Preformed 8,250
Total Revenue 257,800

Expenses Expenses
Cash Operating Expenses 136,105 Cash Operating Expenses 136,105
Change in Prepaid Expenses 22,500 Interest 36,203
Change in Fuel/Supplies 1,270 Depreciation 19,533
Change in Accounts Payable (2,945) Total Farm Expense 191,841
Change in Accrued Real Estate Taxes 375
Total operating expenses 157,305
Interest Paid 36,203 Net Farm Income from Operations 103,009
Change in Interest (1,378)
Depreciation 19,533 Gain/Loss on Sale of Capital Assets (9,053)
Total Farm Expense 211,664
Net Income 93,956
Net Farm Income from Operations 46,136

Gain/Loss on Sale of Capital Assets (9,053)

Net Income 37,084


Net Worth Reconciliation
As of 12/31/15

Change In Net Worth Net Income Personal Withdrawal


(20,716) 37,084 57,800

Change In Net Worth Ending Net Worth Beginning Net Worth


(20,716) 348,263 368,979

1/1/15 Cost 1/1/15 Market 12/31/15 Cost 12/31/15 Market


Solvency
Net Worth 368,979 812,000 348,263 878,868
Debt To Asset 0.6497 0.4573 0.6557 0.4301
Leverage Ration 1.8545 0.8427 1.9044 0.7546

Liquidity
Current Ratio 2.3196 2.3196 1.9886 1.9886
Working Capitol 128,436 128,436 87,540 87,540

Profitability Cash Accrual


Net Income 93,956 37,084

Cost Market
Rate of ROA 4.64% 0.62%
Rate of ROE 6.66% 2.89%

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