Keyser??s Fleece Inc. holds a drove of sheep. Keyser shears the sheep on a semiannual basis and
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Keyser??s Fleece Inc. holds a drove of sheep. Keyser shears the sheep on a semiannual basis and then sells the harvested wool into the specialty knitting market. Keyser has the following information related to the shearing sheep at January 1, 2012, and during the first six months of 2012.
Prepare the journal entry(ies) for Keyser??s biological asset (shearing sheep) for the first six months of2012.
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Shearing Sheep $74,000 4,700 (575) 9,000 Carrying value (equal to net realizable value), January 1, 2012 Change in fair value due to growth and price Change in fair value due to harvest changes Wool harvested during the first 6 months (at NRV)
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