PROBLEM 1:

On December 31, 2021, the following data was provided by PEASHOOTER CORP.,

a company operating in a diverse agricultural activity:

Item Amount

1. Sheep Php 400,000

2. Felled trees 2,680,000

3. Harvested cane 1,160,000

4. Coconut trees 4,800,000

5. Dairy cattle 4,000,000

6. Cigarette (Marlboro) 41,000

7. Sausages 20,000

8. Cured hams 36,000

9. Pig carcass 230,000

10. Fruit pickles 120,000

11. Trees in the plantation forest 12,000,000

12. Harvested cabbage 40,000

13. Carpet 260,000

14. Grape vines 1,500,000

15. Picked grapes 180,000

16. Wool 160,000

17. Tea 38,200

18. Cotton 1,360,000

19. Plants 1,400,000

20. Thread 80,000

21. Carrots due to be harvested next week 200,000

22. Low-fat milk 520,000

23. Wine 6,000,000

24. Picked fruit 49,400

25. Frozen lechon 120,000

26. Mango tree with ripe mango not yet harvested 1,400,000

27. K-9 guard dogs 300,000

28. Animals in zoo 24,000,000

29. Dinosaur statue in zoo 1,000,000

30. Tomato vines (with ripe fruit ready to harvest) 500,000

31. Strawberry plants 1,500,000

Required: Compute for the following to be presented on the statement of financial

position:

a. Biological assets

b. Agricultural produce

c. Inventories

d. Property, plant and equipment