Solution-Compute the carrying amount of biological assets

Compute the carrying amount of biological assets at year-end

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Reference no: EM132861745

Question - A herd of ten 2-year old animals was held at January 1 of the current year. On July 1, one animal aged 2.5 years was purchased for P108 and one animal was born. No animals were sold during the year. Fair values less costs to sell were as follows:

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 -

1. Compute the carrying amount of biological assets at year-end.

2. Compute for the increase in fair value of biological assets in the current period due to price change.

3. Compute for the increase in fair value of biological assets in the current period due to physical change.

Reference no: EM132861745

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Compute the carrying amount of biological assets at year-end

Reference no: EM132861745

Reference no: EM132861745

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