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What is the summary journal entry to record the sale

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Question - Carla Vista Dairy began operations on April 1, 2020, with purchase of 200 milking cows for $6,540,000. It has completed the first month of operations and has the following information for its milking cows at the end of April 2020.

Milking cowsChange in fair value due to growth and price changes $(207,000)

Decrease in fair value due to harvest (11,300)

Milk harvested during April 2020 (at net realizable value) 66,000

Required -

1. What are the journal entries for Carla Vista's biological asset (milking cows) for the month of April 2020?

2. What is the journal entry for the milk harvested by Carla Vista during April 2020?

3. Carla Vista sells the milk harvested in April on the local milk exchange and receives $66,000. What is the summary journal entry to record the sale of the milk for cash?

Reference no: EM132873080

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