How much income arising from the change in market values

Assignment Help Accounting Basics

Reference no: EM132793794

Question - The following assets stated at historical costs were held by Chang'e Corporation:

	2020	2019
Pigs	560,000	450,000
Honey cured Ham	240,000	190,000
Maple leaf smoked bacon	380,000	420,000
Dairy livestock - immature	450,000	370,000
Dairy livestock - mature	720,000	860,000
Chicken Dung	230,000	30,000
Carcass	430,000	450,000
Salted Meat	1,200,000	1,000,000
Burned Chicken for sale	890,000	920,000
Roasted pigs	360,000	420,000
Bushes	380,000	130,000

If the market values of such assets were at 98% and 101% on December 31 2019 and 2020 respectively and there are no purchases of biological assets during 2020, how much income arising from the change in market values of biological assets will be recognized on December 31, 2020?

Reference no: EM132793794

Questions Cloud

What learning would be needed in each domain : Albert states that he has heard that the side effects of the immunizations might be worse than the diseases they prevent. He is also concerned about leaving.

What amount should be reported as accumulated depreciation : Turtle company purchased equipment on January 1, 2018 for P5,000,000. What amount should be reported as accumulated depreciation on December 31, 2020

Create a cash budget for the summer and the first semester : Create a cash budget for the summer and the first semester of college. (Do the entire time period, do not break it down by week or by month.)

Evaluate and assess the various strategies and solutions : Select a service company of your choice and discuss how these characteristics apply to your chosen company. Your discussion should evaluate and assess

How much income arising from the change in market values : How much income arising from the change in market values of biological assets will be recognized on December 31, 2020

Describe the effective teaching strategies : Instructional strategies help instructors deliver information and assess students while enabling students in their learning. Various instructional strategies.

What amount should be reported on september : Scoundrel Company purchased 100,000 ordinary shares, What amount should be reported on September 30, 2017 as investment in stock rights?

What impact does given have on the community as a whole : The CDC and Healthy People 2020 continue to educate on the importance, the improved ease of access and insurance coverage for screenings and vaccinations.

What additional costs will be charged to the customer : The firm had two consultations with this client and required 130 administrative labor hours. What additional costs will be charged to this customer?

User Account

All Pages