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Problem - During 2019, you were asked to audit the Goat Farm operations of MJ Inc. MJ owns and operates a goat farm that qualifies to be accounted for as Agriculture under PAS 41. On December 31, 2019, the biological assets are:
Purchased before January 1, 2019
3 years old
1,260 Goats
Purchased on January 1, 2019
2 years old
180 Kids
Purchased on July 1, 2019
1.5 years old
450 Kids
There was no other transaction during the year concerning the biological assets. No animals were born during the year and no animals were sold during the year. Given below is the date regarding the selling price and cost to sell of the biological assets.
January 1, 2019:
Selling Price
Cost to Sell
1 yr old
1,900
100
2 yr old
2,480
80
July 1, 2019:
1,850
50
December 31, 2019:
2,000
2,800
1.5 yr old
2,200
40
3 yr old
3,500
500
Required -
1. How much is the increase in fair value of biological assets due to physical change?
2. How much is the increase in fair value of biological assets due to price change?
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