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Find the carrying amount of biological assets on December

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Reference no: EM132770062

Question - Old McDonald Farms owned the following biological asset in 2020:

Carrying amount, January 1, 2020 800,000

Purchases 230,000

Gain arising from changes in fair value less costs to sell attributable to physical changes 60,000

Gain arising from changes in fair value less costs to sell attributable to price changes 60,000

Sales 110,000

Find the carrying amount of the biological assets on December 31, 2020?

a. 980,000

b. 1,030,000

c. 1,100,000

d. 1,040,000

Reference no: EM132770062

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