Prepare a statement of financial position

Reference no: EM133364338

The background

In another parallel world to our Earth, there is a galaxy known as Adva. Living in advance in the 100th century, their most precious denomination is clean water (CW).
Their year is known as "yeon". Each yeon has four seasons; i.e. Germinate, Plant, Hibernate and Harvest.
In the world of Adva, they thrive on superior nutrients and have nil food waste. All their food are lab grown with comprehensive nutrients and nil contamination. From nutrients intake, Adva population are generally healthy. Nevertheless, having the taste of real food is a luxury the population seek. Therefore, resources to plant and grow food are highly sought after by conglomerates in Adva that wish to earn more CW.
The mission
In the season of Germinate, Lates one of the wealthiest Advarian decided to grow two food that would reap them even more CW. One is sweet potato and the other is corn. Lates decided to assign the stem cells for premium sweet potato and corn that have been germinated centuries ago, to his sons Pota and Cory respectively.
Together with the stem cells, Lates will use 30 acres of his land, being worth 50 000 gallon of CW per acre to grow the food, 20 acres of land to be given to Pota and 10 acres to be given to Cory.
Pota will also get sweet potato stem cells worth 20 000 gallon in CW value and 20 pounds of compost worth 2 000 gallons of CW value. Cory will get 10 000 gallon CW worth of corn stem cells and 10 pounds of compost.
Each of them will be given a nursery equipment that could last for 10 yeons. This nursery equipment is worth 40 000 gallons of CW. By the end of the Hibernate season, both Pota and Cory are to return these nursery equipment.
Both Pota and Cory wasted no time and head towards their respective land to start their premium food project.
The outcome
By the end of Harvest season, Pota and Cory report to Lates on the performance of their premium food project. Pota reported that the nursery equipment that has been used for one yeon is still functioning well, all the compost and stem cells was fully used-up. Sweet potato harvested was 446 000 gallons of CW and Pota sold 223 000 gallons of CW. And, even before the sweet potato was harvested, they consistently harvest sweet potato leaves worth 36 000 gallons CW every quarter, from this 18 000 gallons CW was sold every quarter. From the sweet potato and sweet potato leaves harvested, a portion were delivered to Lates for personal consumption, that worth 20 000 gallons of CW and 10 000 gallons CW respectively.
3

JAN 2023 KPR
Next Cory reported that all corn stem cells and compost have been fully used. The nursery equipment needed some repair where 3 000 gallons of CW from corn harvested were made as payment to the engineer. The corn harvested was 210 000 gallons CW and corn sold generated 105 000 gallons of CW. And, the corn waste was sold to be made into compost worth 130,000 gallons CW. Compost sold generated 65,000 gallons of CW. From the corn harvested, a portion taken to Lates for personal consumption, was worth 30 000 gallons of CW.

Lates was very happy with the yield by both sons.

2. For each food planted by Pota (sweet potato) and Cory (corn) prepare a statement of financial position as of the beginning of the Germinate season.

Reference no: EM133364338

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