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What is the carrying amount of biological asset at year-end

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Reference no: EM132519352

On January 1, 2019, Holzim Company has a herd of 10, 2-year old animals. One aged 2.5 years old was purchased on July 1 for P108, and one animal was born on July 1. No animals were sold or disposed of during the year.

The active market provided the following fair value less cost of disposal:

2 - year old animal on January 1                100

2.5 - year old animal on July 1                   108

New born animal on July 1                            70

2 - year old animal on December 31                105

2.5 year old animal on December 31                  111

New born animal on December 31                          72

3 - year old animal on December 31                      120

0.5 - year old animal on December 31                      80

Required:

Question 1. Prepare journal entries for the current year to recognize the transaction relating to biological asset

Question 2. What amount of gain on biological asset should be reported in the current year?

Question 3. What is the carrying amount of biological asset at year-end

Reference no: EM132519352

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