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Compute the initial value of the agricultural produce

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Reference no: EM132782804

Problem - Accounting for Biological Produce - On December 24, 2019, the BSA Farms harvested apples with fair value of P200,000 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 P1,000.

Required -

A. Compute the initial value of the agricultural produce.

B. Compute the subsequent measurement of agricultural produce.

C. Compute the net income or loss on sale.

D. Journalize the above transactions.

Reference no: EM132782804

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