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BaaBaa Ltd is a lamb farm, breeding and maturing lambs for future harvesting and selling. At 1st July 2019 200 immature lambs and 350 mature lambs were on hand. The fair value of the 350 mature lambs at this time is $15,500, while the fair value of the 200 immature lambs is $1,000. On 30th June 2020 the 350 mature lambs were harvested and immediately sold for $300 each. The total cost to harvest was $450. Auctioneer's fees of 4% were charged at the time of sale. The fair value of the immature lambs had increased to $14,000 by 30 June 2020.
Problem 1: Prepare the journal entries for the year ended 30th June 2020
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