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What is the carrying amount of biological assets

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Question 1 - On January 1, 2021, Spade Inc. has a herd of 100 two-year old animals. Ten animals aged 2.5 years were purchased on July 1, 2021 for P10,800 each. Ten animals were born on July 1, 2021. No animals were sold or disposed during the year. The fair value less cost to disposal per unit were:

Two-year old animal on January 1 - 10,000

2.5-year old animal on July 1 - 10,800

New born animal on July 1 - 7,000

Two-year old animal on December 31 - 10,500

2.5-year old animal on December 31 - 11,100

Newborn animal on December 31 - 7,200

Three-year old animal on December 31 - 12,000

Half-year old animal on December 31 - 8,000

Required -

1. What is the carrying amount of biological assets before adjustment on December 31, 2021?

2. What is the adjusted carrying amount of biological assets on December 31, 2021?

3. What is the total gain from change in fair value of biological asset?

4. What is the gain from biological assets attributable to price change?

5. What is the gain from biological assets attributable to physical change?

Question 2 - Aang Company provided the following assets in a plantation forest in millions of pesos: Freestanding trees - 5.0; Land under trees - 0.6; Roads in forests - 0.3; Animals related to recreational activities - 1.0; Bearer plants - 1.5; Bearer animals - 2.0. What amount should be classified as biological assets?

Question 3 - Aang Company provided the following assets in a plantation forest in millions of pesos: Freestanding trees - 5.0; Land under trees - 0.6; Roads in forests - 0.3; Animals related to recreational activities - 1.0; Bearer plants - 1.5; Bearer animals - 2.0. What amount should be classified as biological assets?

Reference no: EM133117793

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