Reference no: EM133008509
On January 1, 2016, an entity purchased 100 cows which are 3 years old for P15, 000 each for the purpose of producing milk for the local community. On July 1, 2016, the cows give birth to 20 calves.
The active market provided the fair value less cost to sell of the biological assets as follows:
New born calf on July 1 4,000
New born calf on December 31 5,000
½ year old calf on December 31 7,000
3 years old calf on December 31 18,000
4 years old cow on December 31 24,000
Required:
Problem (a) Prepare all indicated journal entries for 2016 necessary to record all the transactions relating to biological asset.
Problem (b) Determine the price, physical change and total change in fair value.
Problem (c) Determine the carrying amount of the biological asset on December 31, 2016 and indicate the financial statement presentation of the accounts related to the biological assets.
|
Relationship between organizational-his planning strategies
: What is the relationship between organizational and HIS planning strategies?
|
|
Indicate the amount jimmy must include in gross income
: Indicate the amount Jimmy must include in gross income. Jimmy has fallen on hard times recently. Last year he borrowed $319,000.
|
|
Multicultural diversity-race and ethnicity
: 1. What is the best way to describe race and ethnicity. 2. Identify two ways that race and ethnicity differ.
|
|
Post the appropriate transactions from the journals
: Post the appropriate transactions from the journals to the subledger accounts. The inventory had a cost of $4,140. The invoice number was #692
|
|
Determine the carrying amount of the biological asset on dec
: Determine the carrying amount of the biological asset on December 31, 2016 and indicate the financial statement presentation of the accounts.
|
|
Find two examples of job postings
: Visit Monster.com and find two examples of job postings that ask those with criminal records not to apply. Do you think, given the type of job, this is a reason
|
|
Explain contract of services and contract for services
: Employees are within the scope of the Employment Act and differences between a contract of services and contract for services.
|
|
Identify the costs associated with running this route
: Identify the costs associated with running this route and which of those costs might be saved if the route is dropped
|
|
Solve tax paid on gain on disposal for genetic insights co
: Calculate tax paid on gain on disposal. The seven-year fixed depreciation percentages for years 1, 2, 3, 4, 5, and 6 are 14.29%, 24.49%, 17.49%, 12.49%, 8.93%.
|