A farmer owned a dairy herd. At the start of the period the herd contained 100...

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A farmer owned a dairy herd. At the start of the period the herd contained 100 animals that were two years old and 50 newly born calves. At the end of the period a further 30 calves had been born. None of the herd died during the period. Relevant fair value details were as follows: Start of period P50 60 Newly born calves One-year-old animals Two-year-old animals Three-year-old animals 70 75 End of period P55 65 75 80 Required a. Prepare the necessary journal entries for the current period. b. Prepare the reconciliation of fair value for the current year-end. A farmer owned a dairy herd. At the start of the period the herd contained 100 animals that were two years old and 50 newly born calves. At the end of the period a further 30 calves had been born. None of the herd died during the period. Relevant fair value details were as follows: Start of period P50 60 Newly born calves One-year-old animals Two-year-old animals Three-year-old animals 70 75 End of period P55 65 75 80 Required a. Prepare the necessary journal entries for the current period. b. Prepare the reconciliation of fair value for the current year-end.

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a Journal entries for the current period To record the birth of new calves Debit Calves ... View the full answer