Gary Farm, Inc. A herd of 30 5-year old animals was held at January 1, 2021. Five
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Question:
Gary Farm, Inc. A herd of 30 5-year old animals was held at January 1, 2021. Five animal aged 4.5 years were purchased on July 1, 2021 for P2,000, and Three animals were born on July 1, 2021. No animals were sold or disposed of during the year. Per-unit fair values less costs to sell were as follows:
Required:
Determine the following amounts:
1. Purchase
2. Gain from change in fair value (Born)
3. Gain from change in fair value (Physical)
4. Gain from change in fair value (Price)
5. Biological assets at December 31, 2021
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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