Reference no: EM132814158
The following information is made available by Ye Farmlands, of its dairy livestock:
Carrying amount, January 1, 2020, 450,000
FV less point of sale costs of livestock purchased during the period, 250,000
Increase in FV less estimated point of sale cost attributable to physical changes, 220,000
Increase in FV less estimated point of sale costs attributable to price change, 64,000
Total selling price less point of sale costs of livestock sold during the period, 290,000
Problem 1: At what amount shall be included in gross income of Ye Farmlands as a result of the transaction on its dairy livestock?
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Find what amount shall be included in gross income
: Find what amount shall be included in gross income of Ye Farmlands as a result of the transaction on its dairy livestock? Carrying amount, January 1, 2020
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