What amount shall be included in gross income of ye

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The following information is made available by Ye Farmlands, of its dairy livestock:

Carrying amount, January 1, 2020, 450,000

FV less point of sale costs of livestock purchased during the period, 250,000

Increase in FV less estimated point of sale cost attributable to physical changes, 220,000

Increase in FV less estimated point of sale costs attributable to price change, 64,000

Total selling price less point of sale costs of livestock sold during the period, 290,000

Problem 1: At what amount shall be included in gross income of Ye Farmlands as a result of the transaction on its dairy livestock?

Reference no: EM132784551

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