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What carrying amount of the biological assets on december is

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Reference no: EM132814220

Old McDonald Farms owned the following biological asset in 2020:

Carrying amount, January 1, 2020 800,000

Purchases 230,000

Gain arising from changes in fair value less costs to sell attributable to physical changes 60,000

Gain arising from changes in fair value less costs to sell attributable to price changes 60,000

Sales 110,000

Problem 1: The carrying amount of the biological assets on December 31, 2020 is?

a. 980,000

b. 1,030,000

c. 1,100,000

d. 1,040,000

Reference no: EM132814220

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