An apple farm owned by a U.S. citizen located in Canada has the following accounting record related to its business during 2021: Total sales revenue $5.6 million Total costs include the following items: Wages paid to Canadian farm workers $2.3 million Wages paid to U.S. farm workers $0.6 million Interest paid to a Canadian bank $0.4 million Rent paid to a Canadian landlord $1.1 million Total costs $4.4 million (i) What was the value of Canadian GDP contributed by this farm using the expenditure approach? Which component(s) of the expenditure approach was involved? (Please state your assumptions made.) (ii) What was the value of Canadian GDP contributed by this farm using the income approach? Which component(s) of the income approach was involved? (iii) What was the value of this farms contribution to the U.S. GNP? b) If a Japanese tourist drinks German beer in a hotel in Hong Kong, how will the Hong Kong GDP be affected? Give your answer using both the expenditure approach and the output approach..

1. An apple farm owned by a U.S. citizen located in Canada has the following accounting record
related to its business during 2021:
Total sales revenue $5.6 million
Total costs include the following items:
Wages paid to Canadian farm workers $2.3 million
Wages paid to U.S. farm workers $0.6 million
Interest paid to a Canadian bank $0.4 million
Rent paid to a Canadian landlord $1.1 million
Total costs $4.4 million
(i) What was the value of Canadian GDP contributed by this farm using the expenditure
approach? Which component(s) of the expenditure approach was involved? (Please state your
assumptions made.)
(ii) What was the value of Canadian GDP contributed by this farm using the income approach?
Which component(s) of the income approach was involved?
(iii) What was the value of this farms contribution to the U.S. GNP?
b) If a Japanese tourist drinks German beer in a hotel in Hong Kong, how will the Hong Kong
GDP be affected? Give your answer using both the expenditure approach and the output
approach.