Refer to the data in IFRS9.8 for Keyser’s Fleece Inc. Prepare the journal entries for (a) the wool harvested in the first six months of 2020, and (b) the wool harvested that is sold for $10,500 in July 2020.

In IFRS9.8

                                                                                                                      Shearing Sheep
Carrying value (equal to net realizable value), January 1, 2020........................$74,000
Change in fair value due to growth and price changes.........................................4,700
Change in fair value due to harvest..........................................................................(575)
Wool harvested during the first 6 months (at NRV)...............................................9,000