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What amount of net gain from the change in fair value

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Problem 1. Righteous Company provided the following data:

  • Value of biological asset at acquisition cost on December 31, 2020, P 6,000,000
  • Fair valuation surplus on initial recognition at fair value on 12/31/20, P 500,00
  • Change in fair value on 12/31/20 due to growth and price fluctuation, P 900,000
  • Decrease in fair value due to harvest, P 100,000

What is the carrying amount of the biological asset on December 31, 2020?

a. P7,400,000

b. P7,300,000

c. P7,500,000

d. P6,500,000

Problem 2. Using the same information in number (1), what amount of net gain from the change in fair value of biological assets should be reported in 2020?

a. P1,400,000

b. P1,300,000

c. P900,000

d. P800,000

Reference no: EM132712654

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