Please answer 8-20 with strong formatting.

Date Account Titles and Explanation Debit Credit May 1 Biological Assets Cash (To record the inventory total cost) May 1 Biological Assets Accounts Payable (To record the feed and labour costs)*Brief Exercise 8-20 (Part Level Submission) Farmer Pronghorn Industries Inc. is in the business of producing organic foods for sale to restaurants and in local markets. The company uses IFRS and has a June 30 fiscal year end. As an experiment, the company has decided to attempt raising organic free-range chickens. On May 1r 2017, Farmer Pronghorn purchased 80 new hatchlings for cash at a total cost of $840. The company incurred feed and labour costs of $130 per month to look after the chicks. Their (acceptable) accounting policy is to capitalize these costs. On June 30, the company estimated that the chickens would mature in midOctober. At year end they had a fair value of $1,500 and the company would have to transport the chickens to their customers at an average cost of $3 per chicken. On October 30r all 80 chickens had matured and the company sold and shipped 50 of the chickens to one of its key customers for $30 per chicken. Transportation costs were $3 per chicken, as expected