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What amount of unrealized gain on biological assets

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Question - Lucy's Llamas purchased 1,000 llamas on January 1, 2015. These llamas will be sheared semiannually and their wool sold to specialty clothing manufacturers. The llamas were purchased for P148,000. During 2015 the change in fair value due to growth and price changes is P9,400, the wool harvested but not yet sold is valued at net realizable value of P18,000, and the change in fair value due to harvest is (P1,150).

1. What is the value of the llamas on Lucy's Llamas statement of financial position on June 30, 2015?

P128,850

P148,000

P146,850

P156,250

2. On Lucy's Llamas income statement for the year ending December 31, 2015, what amount of unrealized gain on biological assets will be reported?

P27,400

P8,250

P9,400

P26,250

Lenny's Llamas purchased 1,500 llamas on January 1, 2015. These llamas will be sheared semiannually and their wool sold to specialty clothing manufacturers. The llamas were purchased for P222,000. During 2015 the change in fair value due to growth and price changes is P14,100, the wool harvested but not yet sold is valued at net realizable value of P27,000, and the change in fair value due to harvest is (P1,750).

1. What is the value of the llamas on Lenny's Llamas statement of financial position on June 30, 2015?

P234,350

P220,250

P193,250

P222,000

2. On Lenny's Llamas income statement for the year ending December 31, 2015, what amount of unrealized gain on biological assets will be reported?

P41,100

P12,350

P14,100

P39,350

Reference no: EM132968910

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