On December 30, 2021, the Apple Kingdom Farm harvested apples with fair value of P 200,000 and an estimated cost to sell of P5,000. The apples were not recorded as biological assets while it grew on trees. At year-end, the fair value declined slightly to P190,000 while its net realizable value is P210,000. On January 1, 2020, all of the apples had been sold for P200,000, the company paid selling cost of P 1,000. What is the journal entry to record the harvested apples on December 30, 2021?

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments
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On December 30, 2021, the Apple Kingdom Farm harvested apples with fair value of P 200,000 and an estimated cost to sell of P5,000. The apples were not recorded as biological assets while it grew on trees. At year-end, the fair value declined slightly to P190,000 while its net realizable value is P210,000. On January 1, 2020, all of the apples had been sold for P200,000, the company paid selling cost of P 1,000.

What is the journal entry to record the harvested apples on December 30, 2021?

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