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What amount of gain company include in the statement

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Tamaraw Company purchased cattle at an auction for P 300,000 on July 1, 2020. Cost of transporting the cattle back to the company's farm was P 3,000 and the company would have to incur cost similar transportation cost if it was to sell the cattle in the auction in addition to auctioneer's fee of 2% of sales price.

On December 31, 2020, after taking into account the location, the fair value of the biological assets had increased to P 500,000 (that is, the market price including the cost of transporting the asset).

Problem 1: What amount of gain or loss should the company include in the statement of comprehensive income due to the change in the fair value of the biological assets?

a. P193,000

b. P196,000

c. P200,000

d. P209,000

Reference no: EM132712664

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