Reference no: EM132898758
Legend Dairy produced milk for local ice cream producers. The entity began operations at the beginning of current year by purchasing milking cows for P2,000,000.
The entity provided the following information at year-end relating to the milking cows
Carrying amount - January 1 2,000,000
Change in fair value due to growth and price change 400,000
Decrease in fair value due to harvest 50,000
Newborn calfat year-end at fair value 200,000
Milk harvested during the year but not yet sold 250,000
Problem 1. What amount of net gain on biological asset should be reported in the current year?
a 400,000
b. 350,000
c. 800,000
d 550,000
Problem 2. What amount of gain on agricultural produce should be recognized in the current year?
a. 250,000
b 200,000
c. 600,000
d. 650,000
Problem 3. What is the carrying amount of the biological asset it year-end?
a 2,000,000
b. 2,400.000
c. 2,650,000
d. 2,800,000
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