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Compute for the initial value of the agricultural produce

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Reference no: EM132751058

Question - On December 24, 2019, the BSA Farms harvested apples with fair value of P 200,000 and an estimated cost to sell of P5,000. The apples were not recorded as biological assets while it grew on trees. At year-end, the fair value declined slightly to P390,000 and no apples had been sold at year-end. The net realizable value of the meat at year-end is P210,000. On January 1, 2020, all of the apples had been sold for P200,000, the company paid selling cost of P 1,000.

Required -

A. Compute for the initial value of the agricultural produce.

B. Compute for the subsequent measurement of agricultural produce.

C. Compute for the net income or loss on sale.

D. Journalize the above transactions.

Reference no: EM132751058

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