Gary Farm, Inc. A herd of 30 5-year old animals was held at January 1, 2021. Five animal aged 4.5 years were purchased on July 1, 2021 for P2,000, and Three animals were born on July 1, 2021. No animals were sold or disposed of during the year. Per-unit fair values less costs to sell were as follows:

Required:

Determine the following amounts:

1. Purchase

2. Gain from change in fair value (Born)

3. Gain from change in fair value (Physical)

4. Gain from change in fair value (Price)

5. Biological assets at December 31, 2021
 

Transcribed Image Text:

5 - year old animal on Jan. 1, 2021 New born animal on July 1, 2021 4.5 - year old animal on July 1, 2021 New born animal on December 31, 2021 0.5 - year old animal on December 31, 2021 4.5 - year old animal on December 31, 2021 5 - year old animal on December 31, 2021 6 - year old animal on December 31, 2021 P1,900 1,500 2,000 1,750 1,850 2,200 2,800 3,500 5 - year old animal on Jan. 1, 2021 New born animal on July 1, 2021 4.5 - year old animal on July 1, 2021 New born animal on December 31, 2021 0.5 - year old animal on December 31, 2021 4.5 - year old animal on December 31, 2021 5 - year old animal on December 31, 2021 6 - year old animal on December 31, 2021 P1,900 1,500 2,000 1,750 1,850 2,200 2,800 3,500

Answer rating: 100% (QA)

Purchase 5 animals P 2000 ie fair Value less cost to sell of 145year aged animal when purchased 1000... View the full answer