y purchased 100 cows which are 3 years old for P15,000 each for the purpose of producing milk for the local community. On July 1, the cows gave birth to 20 calves. The active market, provided the fair value less costs to sell of the biological assets as follows: New born calf on July 1 - 4,000 New born calf on December 31 - 5,000 ½ year old calf on December 31 - 7,000 3 years old cow on December 31 - 18,000

y purchased 100 cows which are 3 years old for P15,000 each for the purpose of producing milk for the local community. On July 1, the cows gave birth to 20 calves. The active market, provided the fair value less costs to sell of the biological assets as follows: New born calf on July 1 - 4,000 New born calf on December 31 - 5,000 ½ year old calf on December 31 - 7,000 3 years old cow on December 31 - 18,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 7PA: Tree Lovers Inc. purchased 100 acres of woodland in which the company intends to harvest the...

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On July 1, KAW Inc. purchased 75 cows which, at that time were 2.5 years old for a total cost of P1,350,000. On December 31, the cows gave birth to 15 calves. The following information on fair value less cost of disposal of biological assets is made available: (Refer to image) What amount of gain from biological assets will KAW Inc. report in its December 31 Income Statement? 2.5 year old cow on deceber 31 20,000 3 years old cow on december 31 25,000 new born calf on july 1 5,000 new born calf on december 31 6,500
On July 1, KAW Inc. purchased 75 cows which, at that time were 2.5 years old for a total cost of P1,350,000. On December 31, the cows gave birth to 15 calves. The following information on fair value less cost of disposal of biological assets is made available: (Refer to image) What amount of gain from biological assets will KAW Inc. report in its December 31 Income Statement? * 2.5 years old cow on December 31 20,000 3 years old cow on December 31 Newborn calf on July 1 25,000 5,000 Newborn calf on December 31 6,500
What is the fair value of the biological assets on December 31, 2021? AJUMA Farms operates a farm with various plants and a herd of animals. On January 1, 2021, it had ten (10) 1-year old animals and five (5) 2-year-old animals. On July 1, two animals were born. On December 31, 2021, three (3) 2-year-old animals were sold. Fair value less cost of disposal per unit are shown below: 1-year old animal on January 1 1-year old animal on December 31 2-year-old animal on January 1 2-year-old animal on December 31 3-year-old animal on December 31 New born animal on July 1 New born animal on December 31 500 600 650 800 950 300 350 0.5-year-old animal on December 31 400
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On January 1, 20x1 AAA Co. has three 1-year old animal with carrying amount of P 3,000. On March 31, AAA Co. acquired two animals aged 2.25 years old, for P 2,000 each, the fair value less costs on this date. Six animals were born on October 1, 20x1. The fair value less costs to sell of the newborn animal on this date is P500. AAA Co. determined the fair value less costs to sell on December 31, 20x1: New born P 600 .25 years old 800 1 year old 1,200 2 years old 2,400 2.25 years old 3,000 3 years old 3,500 Requirements: Total gain (loss) from the change in Fair Value less Costs to Sell (FVLCS) during the period. Change in FVLCS due to price change. Change in FVLCS due to physical change.
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Salve Co is engaged in raising dairy livestock. The entity provided the following information during the current year: Carrying Amount - Beginning 5,000,000 Increase due to purchase 2,000,000 Gain arising from change in FV 1,000,000 Decrease due to sales 850,000 Decrease due to harvest 200,000 What is the carrying amount of the biological asset at year-end?