A farmer buys 1,000 chickens for $120,000 at the beginning of 20X3. The cost to feed, shelter, and grow the chickens is $22,000 in 20X3 and $24,000 in 20X4. Based on the chickens’ age and size, the fair value at the end of 20X3 was $155,000. On November 8, 20X4, the chickens are slaughtered for a cost of $12,000. The fair value of the carcasses is $245,000.

Required:

1. Prepare the journal entries for 20X3, 20X4, and 20X5 under IFRS.

2. Prepare the journal entries under ASPE.