Help me to answer the completely the Required 1 & 2 of this problem. Thank you so much! ROBINA COMPANY provided the following trial balance as of June 30, 2020:DebitsCreditsCash.. ...P1,000,000Trade & Other Receivables..3,00,000Inventories...200,000Dairy Livestock (immature).Dairy Livestock (mature)....Plant, Property & Equipment (net). . 2,800,000Trade & Other Payables...Notes Payable (long-term)..Common Stock.. .100,000800,000..P1,040,0003,000,0002,000,000Retained Earnings- Jan. 1, 2020...1,600,000Fair Value of Milk Produced..1,200,000Gain from Change in Fair Value...Inventories Used..100.000280,000Staff Costs....240,00030,000Depreciation Expense...Other Operating Expenses...Income Tax Expense..Totals. .380,000110,000. P8,940,000P8,940,000REQUIRED:1. Prepare the income statement for the 6-month period ended June 30, 2020.2. Prepare a properly classified balance sheet as of June 30, 2020.

Income statement in the business shows all incomes and all expenses of the business and at the end…

ROBINA COMPANY provided the following trial balance as of June 30, 2020: Debits Credits Cash.... P1,000,000 Trade & Other Receivables.. 3,000,000 Inventories.. Dairy Livestock (immature)... Dairy Livestock (mature)... Plant, Property & Equipment (net). Trade & Other Payables... Notes Payable (long-term).. 200,000 100,000 800,000 2,800,000 P1,040,000 3,000,000 2,000,000 Common Stock... Retained Earnings- Jan. 1, 2020. 1,600,000 Fair Value of Milk Produced.. 1,200,000 Gain from Change in Fair Value.. Inventories Used.. 100,000 280,000 240,000 Staff Costs... 30,000 Depreciation Expense... Other Operating Expenses.. Income Tax Expense.. Totals. . 380,000 110,000 P8,940,000 P8,940,000 REQUIRED: 1. Prepare the income statement for the 6-month period ended June 30, 2020. 2. Prepare a properly classified balance sheet as of June 30, 2020.

ROBINA COMPANY provided the following trial balance as of June 30, 2020: Debits Credits Cash.... P1,000,000 Trade & Other Receivables.. 3,000,000 Inventories.. Dairy Livestock (immature)... Dairy Livestock (mature)... Plant, Property & Equipment (net). Trade & Other Payables... Notes Payable (long-term).. 200,000 100,000 800,000 2,800,000 P1,040,000 3,000,000 2,000,000 Common Stock... Retained Earnings- Jan. 1, 2020. 1,600,000 Fair Value of Milk Produced.. 1,200,000 Gain from Change in Fair Value.. Inventories Used.. 100,000 280,000 240,000 Staff Costs... 30,000 Depreciation Expense... Other Operating Expenses.. Income Tax Expense.. Totals. . 380,000 110,000 P8,940,000 P8,940,000 REQUIRED: 1. Prepare the income statement for the 6-month period ended June 30, 2020. 2. Prepare a properly classified balance sheet as of June 30, 2020.

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

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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