Reference no: EM132837516
Questions -
Q1. Jessa Company has several assets for classification as biological assets. After assessing the information shown below, how much should Jessa Company report as net gain from change in fair value of biological assets for the quarter?
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Cows and sheep
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Coconut trees
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Cocoa pods kept in storage for the whole period
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Cost
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$300,000
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$400,000
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Carrying Value as of April 1
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800,000
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900,000
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$200,000
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Increase or decrease in value from price change
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(40,000)
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(50,000)
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20,000
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Increase or decrease in value from physical change
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100,000
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130,000
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50,000
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Q2. The beginning Accounts Receivable and Allowance for Doubtful Accounts balances of Rose Corporation are $500,000 and $50,000 respectively. Net credit sales has a total of $4,500,000 during the year while collections amounted to $4,400,000. Bad debts expense for the year is $30,000. Included in the collections was a $10,000 account which was written off in the prior year and was recovered during the current year. At year end, how much is the net realizable value of the Accounts Receivable?
Q3. Eastwest Bank extended a 3-year $5,000,000 loan to Nick Company on January 1, 2020. The interest rate agreed upon is 7%. The bank incurred direct and indirect origination costs of $75,100 and $50,000 respectively, but collected origination fees of $328,230 from Nick Company. The effective interest rate is 9%. On December 31, 2020, how much is the total receivable related to the loan to Nick Company?
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