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Question - A group of twenty 2-year old cattle was held at January 1, 2029. Five 2-year old cattle were purchased for P12,000 each 5 calves were born. No cows or calves were disposed of during the period. Per unit fair value less cost to sell were as follows:
January 1, 2029
2-year old cattle P 12,000
Newborn cattle 4,000
December 31, 2029
2-year old cattle 13,000
3-year old cattle 15,000
1-year old cattle 7,000
Newborn cattle 5,000
The company records separately the increase in fair value less cost to sell due to physical change and change in fair value less cost to sell due to price change.
Required -
How much shall be taken to profit or loss as a gain arising from change in fair value due to price change?
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Assume that ten 3-year old cattle were sold realizing net proceeds of P15,000 on each cattle. How much gross income shall be reported on the company's profit or loss for the year ended December 31, 2029?
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