Reference no: EM132972951
Question - Pacifica Agribusiness has a herd of ten 2-year old animals on January 1, 2020. One animal aged 2.5 years was purchased on July 1, 2020 for P108, and one animal was born on July 1, 2020. No animals were sold or disposed of during the year. The fair value less cost of disposal per unit is as follows:
2.0 - year old animal on January 1 P100
2.5 - year old animal on July 1 P108
Newborn animal on July 1 P 70
2.0 - year old animal on December 31 P105
2.5 - year old animal on December 31 P111
Newborn animal on December 31 P 72
3.0 - year old animal on December 31 P120
0.5 - year old animal on December 31 P 80
Required -
1. What is the fair value of the biological assets on December 31?
a. 1,360
b. 1,440
c. 1,320
d. 1,400
2. What amount of gain from change in fair value of biological assets should be recognized in the current year?
a. 292
b. 332
c. 222
d. 300
3. What is the gain from change in fair value due to price change?
a. 292
b. 55
c. 222
d. 237
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