(Solved): 1. (27 Points) Chelsea inherited an 80 -acre farm in east Texas. She decided to quit her job and co ...

1. (27 Points) Chelsea inherited an 80 -acre farm in east Texas. She decided to quit her job and continue the existing cattle operation. Her previous salary was $$\$68,000$$ a year. When she sold the calves, she earned $$\$1250$$ per head sold for a total of $$\$106,250$$ in revenue from cattle sales. In addition to that, she was able crop share hay production on the pastures in the summer for another $$\$8,000$$ in sales. Her yearly expenses include vet expense of $$\$4,500$$, truck payment of $$\$8,340.50$$, utility expenses of $$\$7,200$$, day help labor expense of $$\$1,800$$, fuel of $$\$5,500$$, mineral expense of $$\$8,000$$ and her own draw of a salary of $$\$50,000$$. Had she decided to rent the farm out to an independent operator, she could have charged a monthly rent of $$\$5,500$$. Label each line for the description in the left column with the amount in the right column; be sure to include the opportunity costs.