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Sally's Dairy began operations on June 1, 2020, with the purchase of 300 milking cows for $300,000. It has completed the first year of operations

Sally's Dairy began operations on June 1, 2020, with the purchase of 300 milking cows for $300,000. It has completed the first year of operations and has the following information for its milking cows at the end of its fiscal year, May 31, 2021:

Milking Cows

Change in fair value due to growth and price changes$27,000

Increase in fair value due to harvest12,800

Milk harvested during the fiscal year to May 31, 2021 (at net realizable value) 225,500

Required:

the journal entries for which information is provided for Sally's bio agricultural assets (milking cows) for the fiscal year.

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