Reference no: EM132589242
Buzz Bee Yard Company' Apiary began operations on January 1, 2020, with the purchase of 100 bee hives for $500 total. Buzz follows IFRS and its standard on agricultural products. It has completed the first year of operations and has the following information for its bee hives at December 31, 2020:
a. Bee Hives - purchase of hives as per above $ 500
b. Honey harvested during 2020 (at net realizable value) 1,900
c. Honey sold during 2020 (at net realizable value) 1,600
d. Hive maintenance costs directly traceable to hive activity in year $60
e. Company general administration costs $40
f. Fair value on Dec. 31, 2020 of hives $1,300
Required:
Question 1. all the journal entries for Buzz's bee hives activities for 2020, as per the information in (a) to (f).
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