Reference no: EM132807249
On January 1, 2014, Achie Company planted trees on its land. The entity purchased the land two years ago at a cost of P 2,000,000. The trees were considered bearer plants and had accumulated cost of P1,000,00 on December 31, 2018. By January 1, 2019, the trees had matured and were expected to bear produce for a period of 5 years. On December 31, 2019, the trees produced fruit and the fair value less cost of disposal on such date was P100,000. There was no harvest during 2019. On December 31, 2020, the fruits were harvested and the fair value less cost of disposal on such date was P150,000.
Problem a. Determine the carrying amount of the property, plant, and equipment on December 31, 2019?
Problem b. Determine the carrying amount of the biological asset on December 31, 2019?
Problem c. Determine the amount of gain from change in fair value is recognized for the agricultural produce for the year ended December 31, 2020?
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