On 1 April 2016, the company imported 70 three-month old lambs at a cost of RM28,000....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On 1 April 2016, the company imported 70 three-month old lambs at a cost of RM28,000. The other operating costs and feeding costs for the year 2016 were RM23,500 and RN20,500 respectively. The following information relates to the fair value less cost to sell per animal. Required: a) b) c) d) Date 1 January 2016 1 January 2016 1 January 2016 31 December 2016 31 December 2016 31 December 2016 31 December 2016 31 December 2016 Age One-year old sheep Two-year old sheep Three-year old sheep Three-year old sheep One-year old sheep Two-year old sheep Three-year old sheep Four-year old sheep Fair Value less cost to sell/unit (RM) 900 1,100 1,350 890 1,030 1,280 1,520 2,000 Prepare journal entries to record the acquisition of the biological asset on 1 April 2016. Determine the amount of fair value changes due to price change and fair value changes due to physical changes Determine the carrying value of the sheep as at 31 December 2016. Prepare the extract of Statement of Profit or Loss of Ternak Maju Berhad for the year ended 31 December 2016. On 1 April 2016, the company imported 70 three-month old lambs at a cost of RM28,000. The other operating costs and feeding costs for the year 2016 were RM23,500 and RN20,500 respectively. The following information relates to the fair value less cost to sell per animal. Required: a) b) c) d) Date 1 January 2016 1 January 2016 1 January 2016 31 December 2016 31 December 2016 31 December 2016 31 December 2016 31 December 2016 Age One-year old sheep Two-year old sheep Three-year old sheep Three-year old sheep One-year old sheep Two-year old sheep Three-year old sheep Four-year old sheep Fair Value less cost to sell/unit (RM) 900 1,100 1,350 890 1,030 1,280 1,520 2,000 Prepare journal entries to record the acquisition of the biological asset on 1 April 2016. Determine the amount of fair value changes due to price change and fair value changes due to physical changes Determine the carrying value of the sheep as at 31 December 2016. Prepare the extract of Statement of Profit or Loss of Ternak Maju Berhad for the year ended 31 December 2016.
Expert Answer:
Answer rating: 100% (QA)
a Journal entries to record the acquisition of the biological asset on 1 April 2016 Date 1 April 201... View the full answer
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Posted Date:
Students also viewed these accounting questions
-
Bean Town Brothers is a produce processing company that specializes in fruits, with apple sales representing the majority of their revenue. (Click the icon to view the additional information.) The...
-
One Product Corp. (OPC) incorporated at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were: The...
-
Old Office Building Karas Investments owns a small office building in Windhoek, from which the company operates. The Windhoek office was purchased on 1 March 2019. Karas Investments decided to move...
-
Darwin uses decision tree analysis in order to evaluate potential projects. The company has been looking at the launch of a new product which it believes has a 70 per cent probability of success. The...
-
A paper mill has two steam generators, one at 4.5 MPa, 300C and one at 8 MPa, 500C. Each generator feeds a turbine, both of which have an exhaust pressure of 1.2 MPa and isentropic...
-
River Realty Inc. pays weekly salaries of \($10,500\) on Friday for a five-day week ending on that day. a. Determine the amount of the adjustment at the end of the accounting period, assuming that...
-
Channey Corporation was organized on July 1. The company's charter authorizes 100,000 shares of \(\$ 2\) par value common stock. On August 1 , the attorney who helped organize the corporation...
-
Larry's Lawn Service needs to purchase a new lawnmower costing $7,756 to replace an old lawnmower that cannot be repaired. The new lawnmower is expected to have a useful life of four years, with no...
-
Abraham and Elizia formed the DEF Partnership four years ago. Because they decided the company needed some expertise in computer networking, they offered Emma a 1/3 interest in partnership capital...
-
1. What opportunities did Melissa identify, and how did she capitalize on those opportunities? 2. How did Melissas background help her identify and tackle the problems she discovered in the beauty...
-
Describe the term TIA / CVA: and also High Cholesterol
-
What is the Missouri plan and how does it work?
-
Have you or your area of work been involved in using big data and data analytics to uncover and examine patterns or trends? Please describe.
-
Name and explain the different standards for the burden of proof.
-
What purpose do appeals serve in criminal cases? Why is this important?
-
Have you ever been involved in a strategic planning session? If so, please describe how the group and the session were structured (but without revealing proprietary information).
-
You are considering a project that requires a capital investment of $100 and will last for three years. Economical depreciation is straight line over 3 years (33.3% in each of the 3 years)) while tax...
-
Using the information in P11-2B, compute the overhead controllable variance and the overhead volume variance. Data From Problem 11-2B: Huang Company uses a standard cost accounting system to account...
-
The following are independent errors made by a company that uses the periodic inventory system: a. Goods in transit, purchased on credit and shipped FOB destination, $10,000, were included in...
-
The following two statements concern depreciation: 1. Because our plant was shut down for part of the year, we will not depreciate it. Depreciating it for the full year would increase our costs and...
-
Describe the relationship between cost of goods sold and inventory.
-
How do materiality judgments impact the consistency and comparability of financial statements over a period of time?
-
Professor Slim Pickens makes the following statement in his Intermediate II Accounting class: The standards of fieldwork provide the foundation to ensure that the financial statements present fairly...
-
Why do you think mandatory job rotation and vacations are effective controls to reduce instances of fraud? In its 2008 Report to the Nation on Occupational Fraud and Abuse, the Association of...
Study smarter with the SolutionInn App