How you enter the purchase of this calf depends on why you bought it. Your plans for the calf.
If you bought it to grow the calf for weight gain and then resell it, you enter the cost of the calf on line 1b, the gross proceeds on 1a and the net gain/loss on 1c of schedule F in the year you sell it.
If you bought the calf to breed when it reaches maturity, you enter your original cost as an asset in the year you expose it to the opposite sex (generally two years of age). This is when you "place it into service of your business as breeding stock".
If you bought the calf to raise as back yard beef, it's not a deductible farm business expense.
