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Net Worth Statement Name Date Farm Assets Cost Basis Market Value Farm Liabilities Market Value Farm checking & savings accounts (Shed. M)Accounts payable (Shed. N)Crops held for sale or feed (Shed.
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Farm assets are the valuable resources owned by a farm operation, such as land, buildings, machinery, livestock, and crops.
Farmers and agricultural businesses are required to file farm assets for tax and financial reporting purposes.
Farm assets can be filled out by listing all assets and their corresponding values in a designated form or software program.
The purpose of farm assets is to provide an accurate assessment of the farm's financial worth and to aid in decision-making for future investments.
Information such as the description, quantity, market value, and depreciation of each farm asset must be reported.
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