Price in the principal market Commision to brokers An entity has the following Information: 50,000 15,000...

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Price in the principal market Commision to brokers An entity has the following Information: 50,000 15,000 900 Transport costs Compute for the following: 1. Fair value 2. Costs to sell 3. Fair value less costs to sell Maize plants Wool PROBLEM 2. Use the following information for the next four questions: Mel Co. has the following assets. 40,000 6,000 • Processed fruit Logs Trees in timber plantation Grape vines Cotton plants Picked fruit Harvested Latex Roasted peanuts 1. How much is classified as blological assets that are accounted for under PAS 41 Agriculture ? 2. How much is classified as property, plant and equipment that are accounted for under PAS 16 Property, Plant and Equipment? 20,000 60,000 25 years old 1 year old 2 years old 200,000 120,000 2.25 years old 3 years old 20,000 20,000 3. How much is classified as agricultural produce? 4. How much is classified as inventory? Levies from commodity exchange Transfer taxes and duties Advertising costs 30,000 20,000 Dan Co, determined the following fair values less costs to sell on December 31, 20x1: • New born P600 • P800 PROBLEM 3. On January 1, 20x1, Dan Co. had one, 1-year old animal with a carrying amount of P1,000. On March 31, Dan Co. acquired another animal, aged 2.25 years old, for P2,000, the fair value less costs of the animal on this date. Ono animal was born on October 1, 20x1. The fair value less costs to sell of the newborn animal on this date is P500. P1,200 P2,400 P3,000 P3,500 450 700 Compute for the following: 1. Total gain (loss) from the change in FVLCS during the period 2. Change in FVLCS due to price change 3. Change In FVLCS due to physical change 1,000 Price in the principal market Commision to brokers An entity has the following Information: 50,000 15,000 900 Transport costs Compute for the following: 1. Fair value 2. Costs to sell 3. Fair value less costs to sell Maize plants Wool PROBLEM 2. Use the following information for the next four questions: Mel Co. has the following assets. 40,000 6,000 • Processed fruit Logs Trees in timber plantation Grape vines Cotton plants Picked fruit Harvested Latex Roasted peanuts 1. How much is classified as blological assets that are accounted for under PAS 41 Agriculture ? 2. How much is classified as property, plant and equipment that are accounted for under PAS 16 Property, Plant and Equipment? 20,000 60,000 25 years old 1 year old 2 years old 200,000 120,000 2.25 years old 3 years old 20,000 20,000 3. How much is classified as agricultural produce? 4. How much is classified as inventory? Levies from commodity exchange Transfer taxes and duties Advertising costs 30,000 20,000 Dan Co, determined the following fair values less costs to sell on December 31, 20x1: • New born P600 • P800 PROBLEM 3. On January 1, 20x1, Dan Co. had one, 1-year old animal with a carrying amount of P1,000. On March 31, Dan Co. acquired another animal, aged 2.25 years old, for P2,000, the fair value less costs of the animal on this date. Ono animal was born on October 1, 20x1. The fair value less costs to sell of the newborn animal on this date is P500. P1,200 P2,400 P3,000 P3,500 450 700 Compute for the following: 1. Total gain (loss) from the change in FVLCS during the period 2. Change in FVLCS due to price change 3. Change In FVLCS due to physical change 1,000

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PROBLEM 1 Fair value Price in principal market Levies from commodity exchange Commission to brokers Transfer taxes and duties Advertising costs Transp... View the full answer