On 1 April 2016, the company imported 70 three-month old lambs at a cost of RM28,000....

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On 1 April 2016, the company imported 70 three-month old lambs at a cost of RM28,000. The other operating costs and feeding costs for the year 2016 were RM23,500 and RN20,500 respectively. The following information relates to the fair value less cost to sell per animal. Required: a) b) c) d) Date 1 January 2016 1 January 2016 1 January 2016 31 December 2016 31 December 2016 31 December 2016 31 December 2016 31 December 2016 Age One-year old sheep Two-year old sheep Three-year old sheep Three-year old sheep One-year old sheep Two-year old sheep Three-year old sheep Four-year old sheep Fair Value less cost to sell/unit (RM) 900 1,100 1,350 890 1,030 1,280 1,520 2,000 Prepare journal entries to record the acquisition of the biological asset on 1 April 2016. Determine the amount of fair value changes due to price change and fair value changes due to physical changes Determine the carrying value of the sheep as at 31 December 2016. Prepare the extract of Statement of Profit or Loss of Ternak Maju Berhad for the year ended 31 December 2016. On 1 April 2016, the company imported 70 three-month old lambs at a cost of RM28,000. The other operating costs and feeding costs for the year 2016 were RM23,500 and RN20,500 respectively. The following information relates to the fair value less cost to sell per animal. Required: a) b) c) d) Date 1 January 2016 1 January 2016 1 January 2016 31 December 2016 31 December 2016 31 December 2016 31 December 2016 31 December 2016 Age One-year old sheep Two-year old sheep Three-year old sheep Three-year old sheep One-year old sheep Two-year old sheep Three-year old sheep Four-year old sheep Fair Value less cost to sell/unit (RM) 900 1,100 1,350 890 1,030 1,280 1,520 2,000 Prepare journal entries to record the acquisition of the biological asset on 1 April 2016. Determine the amount of fair value changes due to price change and fair value changes due to physical changes Determine the carrying value of the sheep as at 31 December 2016. Prepare the extract of Statement of Profit or Loss of Ternak Maju Berhad for the year ended 31 December 2016.

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a Journal entries to record the acquisition of the biological asset on 1 April 2016 Date 1 April 201... View the full answer