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What amount should the farm report

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Reference no: EM133096996

Question - BTS Farm reported the following biological assets and agriculture produce for the year ended December 31, 2020:

ASSETS FAIR VALUE

Cotton plants - P820,000

Dairy cattle - 235,000

Diseased cattle - 75,000

Harvested cotton - 175,000

Harvested cane - 120,000

Milk on dairy cattle - 72,500

Sheep - 325,000

Sugarcane - 564,750

Wool from sheep - 25,000

Required -

1. What amount should the Farm report in its 2020 statement of financial position as biological asset?

2. What amount should the Farm report in its 2020 statement of financial position as inventory related to the above biological assets?

Reference no: EM133096996

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