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What amount of biological asset should central farm company

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Reference no: EM132817459

Central Farm Corporation reported the following lists of biological asset and agricultural produce for the year ended December 31, 2020

Fair Value

Dairy cattle 3,000,000
Beef cattle 5,000,000
Sheep 2,000,000
Calves on dairy cattle 1,000,000
Calves on beef cattle 1,500,000
Lambs 800,000
Milks on dairy cattle 500,000
Carcass on beef cattle 600,000
Wool 400,000

Problem 1: What amount of biological asset should Central Farm Company report in its December 31, 2020 statement of financial position?

a. P8,000,000
b. P10,000,000
c. P13,300,000
d. P14,800,000

 

Reference no: EM132817459

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