Reference no: EM132986129

Problem - The following information pertains to agricultural entities Eli the end of the current accounting reporting period.

a. At the end of the reporting period a tomato grower's vines are bearing partially developed tomatoes. The life of the tomato vine is about six months. The estimated fair value of the tomato vines is P50,000 and estimated cost to sell is P3,000; and the fruits they bear can be sold at an active market for P50,000. The estimated cost to sell ofthe fruit is P2,000 and estimated transportation cost is P3,000.

b. At the end of the reporting period a citrus grower's fruit trees partially bear developed oranges. Ciths trees bear fruit over man}.r years. The estimated fair value of the citrus trees is P125000 and estimated cost to sell is P4000; and the fruit they bear can be sold at an active market at P110,000. Estimated cost to sell the oranges is P4,000 and estimated transportation is P0000.

Required - What total amount of current asset should be reported based on the above information?