Coco de Coco Company acquired forest assets for a basket price of P 30,000,000 which is equal to the lump-sum value of the following group of assets with their respective fair value less point of sell costs: Coconut trees (5,000 trees) P 12,500,000 Land under trees P 5,000,000 Roads in forest P 2,500,000 What amount should the biological asset be initially recorded? What amount should the noncurrent non-depreciable asset be initially recorded? What amount should the noncurrent depreciable asset be recorded?
Coco de Coco Company acquired forest assets for a basket price of P 30,000,000 which is equal to the lump-sum value of the following group of assets with their respective fair value less point of sell costs: Coconut trees (5,000 trees) P 12,500,000 Land under trees P 5,000,000 Roads in forest P 2,500,000 What amount should the biological asset be initially recorded? What amount should the noncurrent non-depreciable asset be initially recorded? What amount should the noncurrent depreciable asset be recorded?
Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization
Section: Chapter Questions
Problem 69TA
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Coco de Coco Company acquired forest assets for a basket price of P 30,000,000 which is equal to the lump-sum value of the following group of assets with their respective fair value less point of sell costs:
Coconut trees (5,000 trees) P 12,500,000
Land under trees P 5,000,000
Roads in forest P 2,500,000
What amount should the biological asset be initially recorded?
What amount should the noncurrent non-
What amount should the noncurrent depreciable asset be recorded?
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