Farm assets were valued at $820 billion on January 1, 1979, and outstanding debt was $137 billion, leaving farm proprietors an equity of $683 billion. Each of these amounts stood about 15 percent above value on January 1, 1978. Farm real estate was valued at $600 billion, up $74 billion. The value of other farm physical assets rose $31 billion and financial assets were up $2 billion. Farm real estate debt outstanding was $72 billion and nonreal estate debt (excluding CCC loans) was $60 billion. CCC loans totaled $5.2 billion, a record high. Balance sheets by value of sales class, capital gains on physical assets, farm production assets, and rates of return on equity are reconstructed to reflect revisions in the balance sheet estimates.