Reference no: EM132959268
Question - An entity produces milk for local ice cream producers. The entity began operations at the beginning of the current year by purchasing milking cows for 5,000,000. The entity provided the following information at year end relating to the milk cows:
Carrying amount beginning of the year 5,000,000
Increase in fair value due to growth and price change 2,000,000
Decrease in fair value due to harvest 250,000
Newborn calf at year end at fair value 400,000
Milk harvest during the year but not yet sold 850,000
What amount of gain on biological asset should be reported in the current year?
a. 2,400,000
b. 3,000,000
c. 3, 250,000
d. 2, 150,000
What amount of gain on agricultural produce should be recognized in the current year?
a. 1,000,000
b. 0
c. 850,000
d. 1,250,000
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