Reference no: EM132871214
Problem 1 - Biological Assets - TREE Company provided the following assets in a forest plantation and farm:
Freestanding Trees 5,000,000
Land under trees 600,000
Roads in forests 300,000
Animal related to recreational activities 1.000,000
Bearer plants 1,500,000
Bearer animals 2,000,000
Required - What total amount of the assets should be classified as biological assets?
Problem 2 - Biological assets - TREE Corporation is a producer of coffee. The entity is considering the valuation of harvested coffee beans. Industry practice is to value the coffee beans at market value and uses as a reference a local publication "accounting for successful farms":
On December 31, 2019, the entity has harvested coffee beans costing P 3,000,000 and with a fair value less cost to sell of P 3,500,000 at the point of harvest.
Because of long aging and maturation process after harvest, the harvested coffee beans were still on hand on December 31, 2017.
On such date, the fair value less cost of disposal is P3,900,000 and the net realizable value is P 3,200,000.
Required -
1. What is the measurement of the coffee beans inventory on December 31, 2019?
2. What is the measurement of the coffee beans inventory on December 31, 2020?
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