A group of twenty 2-year old cattle was held at January 1, 2020. Five 2-year old...

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A group of twenty 2-year old cattle was held at January 1, 2020. Five 2-year old cattle were purchased on January 1, 2020 for P13, 000 each and five calves were born on the same date. No cows or calves were disposed of during the period. Per unit fair values less estimated point of sale costs were as follows: 2. 3. January 1, 2020 2-year old cattle Newborn cattle 4. P12, 000 4,000 December 31, 2020 3-year old cattle 2-year old cattle 1-year old cattle Newborn P15,000 13,000 The company records separate the increase in fair value less point of sale costs due to physical change and change in fair value less point of sale costs due to price change. 7,000 5,000 Required: 1. How much is the gain or loss on the initial recognition of biological assets recognized during 2020? Compute the change in FVLCS due to price change and due to physical change. What amount shall be presented on the statement of financial position on December 31, 2020 under the caption Biological Assets? Give the entire for 2020 to record the foregoing information A group of twenty 2-year old cattle was held at January 1, 2020. Five 2-year old cattle were purchased on January 1, 2020 for P13, 000 each and five calves were born on the same date. No cows or calves were disposed of during the period. Per unit fair values less estimated point of sale costs were as follows: 2. 3. January 1, 2020 2-year old cattle Newborn cattle 4. P12, 000 4,000 December 31, 2020 3-year old cattle 2-year old cattle 1-year old cattle Newborn P15,000 13,000 The company records separate the increase in fair value less point of sale costs due to physical change and change in fair value less point of sale costs due to price change. 7,000 5,000 Required: 1. How much is the gain or loss on the initial recognition of biological assets recognized during 2020? Compute the change in FVLCS due to price change and due to physical change. What amount shall be presented on the statement of financial position on December 31, 2020 under the caption Biological Assets? Give the entire for 2020 to record the foregoing information

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1 To determine the gain or loss on the initial recognition of biological assets during 2020 we need ... View the full answer