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Find gain from change in fair value of biological assets

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Reference no: EM133002884

On Jan. 1, 2020, Hold On Company had a herd of 100 five year old animals. Ten animals aged five and a half years was purchased on July 1 for P108, and ten animals were born on July 1. No animals were sold or disposed of during the year.

Fair value less cost of disposal per unit:

5 year old animal on Jan. 1 100
5.5 year old animal on July 1 108
New born animal on July 1 70
5 year old animal on Dec. 31 105
5.5 year old animal on Dec. 31 111
New born animal on Dec. 31 72
6 year old animal on Dec. 31 120
0.5 year old animal on Dec. 31 80

REQUIRED:

Problem a. Fair Value of biological asset on Dec. 31 2020? =

Problem b. Gain from change in Fair value of biological assets for 2020?

Reference no: EM133002884

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