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Calculate the total gain in fair value less cost to sell

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Biological Asset 940

  • BFM Bhd has a farm in Betong area where they breed 300 1-year old and 400 1.5-year old dairy cattle. The amount of RM940,000 was the fair value less cost to sell as at 1 July 2018. On 1 January 2019, the company had 50 newborn cattle that were valued at RM550 per newborn at fair value less cost to sell.
  • On 30 June 2019, the fair value of the cattle (excluding newborn) was RM1,150,000. The fair value less cost to sell of a newborn and a 6-months old cattle were RM570 and RM670 respectively at that date. During the year, the related cost to sell a cattle was RM120

Calculate

Question 1: the total gain/loss in fair value less cost to sell of the cattle (including the newborn) for year ended 30 June 2019.

Question 2: Analyse the changes in fair value less cost to sell of the newborn cattle due to physical change and price change for the year ended 30 June 2019.

Reference no: EM132565652

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