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Agri purchased a vineyard in April 2019 for $1,250,000. The purchase was risky because the growing season was coming to an end, the grapes must be harvested in the next several weeks and Agri has limited experience in carrying off a grape harvest .
Required
Problem 1. Prepare journal entries for the vineyard's biological asset (grape vines) for the first quarter of operations (the beginning carrying and net realisable value is $1,250,000).
Problem 2. Prepare the journal entry for the grapes harvested during the first quarter
Problem 3. Prepare the journal entry to record the sale of the grapes harvested in the first quarter
Problem 4. Determine the total effect on income for the quarter related to the vineyard's biological asset asset and agricultural produce.
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