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What the company biological asset should be valued at

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Everything Corporation is being audited for the first time by Dorega and Pason, CPAs The company accountant is preparing the company's financial statements for the first year of operations. An asset is appropriately classified as biological asset, however, it was valued at its original purchase price. Based on existing contract price, the value of the asset is P125,000. The value of such asset in which buyers and sellers are willing to transact is P150,000. Cost to sell the assets is estimated at P10,000.

problem 1: The company's biological asset should be valued at

a. 140,000

b. 150,000

c. 115,000

d. None of the above

Reference no: EM132784260

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