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Simulation (30 minutes) Meadow Green Farms (MGF) is a farm located in rural Nova Scotia. The owner of MGF, Charlie Chisholm, purchased the farm some years ago. Once Charlie retired from his full-time job, he decided to expand the farm. MGF currently has chickens and goats and grows grapes. It is November 15, 2020, and Charlie has approached Omar Amari, a local CPA, to help with the preparation of MGF's financial statements in accordance with IFRS. MGF has an October 31 year end and has adopted the cost model to value its property, plant, and equipment. Omar has gathered the following document: Appendix: Information about MGF operations Complete the tasks in the Excel Task file. Get Hom C Get Hom C Gray Cox & Practic C&Prad V_E2_DT-01_2109/Content/TaskBased Simulations/1F2TBSO2-02/1F2-2105E-TBS02-02 Simulation.pdf Appendix: Information about MGF operations Information about MGF operations In early 2018, Charlie purchased 75 acres and planted grape vines on 50 acres. The cost of the vines was $3,500 per acre. In 2018, the labour and material costs to plant and cultivate the vines totalled $1,600 per acre. In 2019, cultivating costs for the labour and materials related to pruning and tying, together with other costs, totalled $1,100 per acre. 2020 was the first year that grapes were produced. It is expected that the vines will produce grapes for 20 years. The following information was provided by Charlie for the year ending October 31, 2020: . . In July, MGF purchased 100 chicks at a cost of $5.00 each. The chicks were fully grown and harvested at the end of October. At the point of harvest, the fair market value of each whole chicken carcass is $15.00. Costs to sell are $0.75 per carcass. In September, MGF purchased eight goats to produce milk. The cost of the goats is dependant on their age. MGF purchased two-year-old goats at a cost of $150 each. At the end of October, the fair market value of these goats was equal to the purchase price. Costs to sell are $2 per goat. In October, MGF purchased 120 chicks at a cost of $4.00 each. MGF plans to harvest them in December. As of October 31, the fair market value of the chicks was $8.00 each and selling costs were $0.60 per chick. In October, MGF harvested 1,850 kilograms of grapes per acre. The picked grapes have a fair value of $1.38 per kilogram and will cost $0.25 per kilogram to deliver to customers. Cultivation and other costs incurred for 2020 totalled $1,250 per acre. A1 to stay in > INTERMEDIATE FINANCIAL REPORTING 2 B D E 3 4 Task 1 F Omar first needs to classify each of MGF's agricultural assets for the October 31, 2020, year end. See the appendix for further information 6 8 Instructions: In Column B, select from the drop-down list the appropriate agricultural asset 10 category for the asset described in Column A. 12 In Column C, select from the drop-down list the appropriate line item on the statement of financial position in which the asset described in Column A is In Column D, provide the carrying value for the asset described in Column A as at October 31, 2020. If the amount is zero, enter "0." Round to the nearest dollar. 14 15 16 B Included in line item on statement of financial D Carrying value as at October 31, 2020 1 Asset Agricultural asset category 17 18 2 Grape vines Whole chicken 19 carcasses 20 4 Goats 21 5 Chicks 22 6 Picked grapes 23 24 Column B drop-down options 25 Agricultural produce 26 Biological asset that is a bearer plant 27 Bearer biological asset that is not a plant 28 Consumable biological asset 29 Not an agricultural asset 30 31 Column C drop-down options 32 Biological asset 33 Inventory 34 Property, plant, and equipment 35 36 Task 1 Task 2 Ready Page Layout Formulas Data Review View Help O PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Prote A1 fo INTERMEDIATE FINANCIAL REPORTING 2 B AA 4 Task 2 C D E F G H it is now October 31, 2021. During 2021, MGF purchased four cows for milk production at a cost of $4.000 ($1,000 each). One of the cows is unable to produce milk due to a genetic defect and now can only be sold for its meat, at a current fair market value of $40. The other three cows are now worth $1,200 6 each. Total costs to sell are $150 Omar has been asked to prepare the year-end journal entry to record the 8 subsequent measurement of the cows. 10 Instructions: . In Column A, select the appropriate account name from the drop-down list. An 12 account name may be used once or not at all for each journal entry. In Column B, enter the corresponding debit amount. Round all amounts to the 14 nearest dollar. In Column C, enter the corresponding credit amount. Round all amounts to 16 the nearest dollar. 18. All rows in the table may not be needed to complete the journal entry. If no journal entry is needed, check the "No journal entry required" box at the 20 top of the table as your response 21 22 To record the subsequent measurement of the cows as at October 31, 24 No journal entry required 25 A B 26 1 Account name Debit amount Credit amount 27 2 28 3 29 4 30 5 31 32 33 34 35 36 37 38 39 40 41 Column A drop-down options Biological asset -- COWS Cost of goods sold Gain on agricultural produce Gain on biological asset Inventory COWS Long-term investment - COWS Loss on agricultural produce Loss on biological assets Operating expense Other comprehensive income Property, plant, and equipment 42 43 44 LAE Task 1 Task 2 CH Ready Simulation (30 minutes) Meadow Green Farms (MGF) is a farm located in rural Nova Scotia. The owner of MGF, Charlie Chisholm, purchased the farm some years ago. Once Charlie retired from his full-time job, he decided to expand the farm. MGF currently has chickens and goats and grows grapes. It is November 15, 2020, and Charlie has approached Omar Amari, a local CPA, to help with the preparation of MGF's financial statements in accordance with IFRS. MGF has an October 31 year end and has adopted the cost model to value its property, plant, and equipment. Omar has gathered the following document: Appendix: Information about MGF operations Complete the tasks in the Excel Task file. Get Hom C Get Hom C Gray Cox & Practic C&Prad V_E2_DT-01_2109/Content/TaskBased Simulations/1F2TBSO2-02/1F2-2105E-TBS02-02 Simulation.pdf Appendix: Information about MGF operations Information about MGF operations In early 2018, Charlie purchased 75 acres and planted grape vines on 50 acres. The cost of the vines was $3,500 per acre. In 2018, the labour and material costs to plant and cultivate the vines totalled $1,600 per acre. In 2019, cultivating costs for the labour and materials related to pruning and tying, together with other costs, totalled $1,100 per acre. 2020 was the first year that grapes were produced. It is expected that the vines will produce grapes for 20 years. The following information was provided by Charlie for the year ending October 31, 2020: . . In July, MGF purchased 100 chicks at a cost of $5.00 each. The chicks were fully grown and harvested at the end of October. At the point of harvest, the fair market value of each whole chicken carcass is $15.00. Costs to sell are $0.75 per carcass. In September, MGF purchased eight goats to produce milk. The cost of the goats is dependant on their age. MGF purchased two-year-old goats at a cost of $150 each. At the end of October, the fair market value of these goats was equal to the purchase price. Costs to sell are $2 per goat. In October, MGF purchased 120 chicks at a cost of $4.00 each. MGF plans to harvest them in December. As of October 31, the fair market value of the chicks was $8.00 each and selling costs were $0.60 per chick. In October, MGF harvested 1,850 kilograms of grapes per acre. The picked grapes have a fair value of $1.38 per kilogram and will cost $0.25 per kilogram to deliver to customers. Cultivation and other costs incurred for 2020 totalled $1,250 per acre. A1 to stay in > INTERMEDIATE FINANCIAL REPORTING 2 B D E 3 4 Task 1 F Omar first needs to classify each of MGF's agricultural assets for the October 31, 2020, year end. See the appendix for further information 6 8 Instructions: In Column B, select from the drop-down list the appropriate agricultural asset 10 category for the asset described in Column A. 12 In Column C, select from the drop-down list the appropriate line item on the statement of financial position in which the asset described in Column A is In Column D, provide the carrying value for the asset described in Column A as at October 31, 2020. If the amount is zero, enter "0." Round to the nearest dollar. 14 15 16 B Included in line item on statement of financial D Carrying value as at October 31, 2020 1 Asset Agricultural asset category 17 18 2 Grape vines Whole chicken 19 carcasses 20 4 Goats 21 5 Chicks 22 6 Picked grapes 23 24 Column B drop-down options 25 Agricultural produce 26 Biological asset that is a bearer plant 27 Bearer biological asset that is not a plant 28 Consumable biological asset 29 Not an agricultural asset 30 31 Column C drop-down options 32 Biological asset 33 Inventory 34 Property, plant, and equipment 35 36 Task 1 Task 2 Ready Page Layout Formulas Data Review View Help O PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Prote A1 fo INTERMEDIATE FINANCIAL REPORTING 2 B AA 4 Task 2 C D E F G H it is now October 31, 2021. During 2021, MGF purchased four cows for milk production at a cost of $4.000 ($1,000 each). One of the cows is unable to produce milk due to a genetic defect and now can only be sold for its meat, at a current fair market value of $40. The other three cows are now worth $1,200 6 each. Total costs to sell are $150 Omar has been asked to prepare the year-end journal entry to record the 8 subsequent measurement of the cows. 10 Instructions: . In Column A, select the appropriate account name from the drop-down list. An 12 account name may be used once or not at all for each journal entry. In Column B, enter the corresponding debit amount. Round all amounts to the 14 nearest dollar. In Column C, enter the corresponding credit amount. Round all amounts to 16 the nearest dollar. 18. All rows in the table may not be needed to complete the journal entry. If no journal entry is needed, check the "No journal entry required" box at the 20 top of the table as your response 21 22 To record the subsequent measurement of the cows as at October 31, 24 No journal entry required 25 A B 26 1 Account name Debit amount Credit amount 27 2 28 3 29 4 30 5 31 32 33 34 35 36 37 38 39 40 41 Column A drop-down options Biological asset -- COWS Cost of goods sold Gain on agricultural produce Gain on biological asset Inventory COWS Long-term investment - COWS Loss on agricultural produce Loss on biological assets Operating expense Other comprehensive income Property, plant, and equipment 42 43 44 LAE Task 1 Task 2 CH Ready