10. Tiffany Company has a herd of 100 2-year old animals on January 1, 2012, ten animals aged 2.5 years were purchased on July 1, 2012 for 10,800 each and ten animals were born on July 1, 2012. No animals were sold or disposed of during the year. The fair values less cost to sell per unit were: 2-year old animal on January 1 10,000 2.5-year old animal on July 1 10,800 New born animal on July 1 7,000 2-year old animal on December 31 10,500 2.5-year old animal on December 31 11,100 New born animal on December 31 7,200 3-year old animal on December 31 12,000 0.5-year old animal on December 31 8,000 1. What is the carrying amount of the biological assets on December 31, 2012? a. 1,400,000 C. 1,178,000 b. 1,440,000 d. 1,320,000 2. What is the gain from change in fair value that should be reported for 2012? a. 292,000 c. 55,000 b. 237,000 d