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What amount of gain from biological assets will ABC report

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Question - On July 1, ABC Company purchased 75 cows which, at the time were 2.5 years old for a total cost of 1,350,000. On December 31, the cows gave birth to 15 calves. The following information on fair value cost of disposal of biological assets is made available:

2.5 years old cow on December 31 20,000

3 years old cow on December 31 25,000

New born calf on July 1 5,000

New born calf on December 31 6,000

Required - What amount of gain from biological assets will ABC company report in its December 31 income statement?

Reference no: EM133126549

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