Solution-What amount of net gain on biological asset should

What amount of net gain on biological asset should reported

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Reference no: EM132474202

Question - Legend Dairy produces milk for local ice cream producers. The entity began operations on January 1, 2015 by purchasing milking cows for P2,000,000. The entity controller had the following information available at year-end relating to the milking cows:

Carrying amount - January 1 2,000,000

Change in FV due to growth and price change 400,000

Decrease in FV due to harvest 50,000

Milk harvested during the year but not yet sold 150,000

1. What amount of net gain on biological asset should be reported in 2015?

2. What amount of net gain on agricultural produce should be recognized in 2015?

Reference no: EM132474202

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What amount of net gain on biological asset should reported

Reference no: EM132474202

Reference no: EM132474202

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