Sheryl Dairy produces milk for local ice cream producers. The entity began operations on January 1, 2020 by purchasing milking cows for P 5,000,000. The entity provided the following information at year-end relating to the milking cows:

What amount of net gain on biological asset should be reported in the current year?

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Carrying amount - January 1 Change in fair value due to growth and price change Decrease in fair value due to harvest Newborn calf at year-end at fair value Milk harvested during the year but not yet sold 5,000,000 2,000,000 250,000 400,000 850,000 Carrying amount - January 1 Change in fair value due to growth and price change Decrease in fair value due to harvest Newborn calf at year-end at fair value Milk harvested during the year but not yet sold 5,000,000 2,000,000 250,000 400,000 850,000

Answer rating: 100% (QA)

Ans carrying amount 5000000 change in faiur value to growt... View the full answer