314 315 2-5 year old animal on Dec. 31, 2020 New born animal on Dec. 31, 2020 3 year old animal on Dec. 31, 2020 4 year old animal on Dec 31, 2020 230 152 248 168 What is the measurement of the coffee beans inventory on Dec 31, 2020? c. P3,200,000 e. Not given; answer is d. P3,900,000 a P3,000,000 b. P3,500,000 Fair value less cost of disposal on December 31: 15 Horses 10 Dairy cattle 8 Carabaos 20 Hogs Dairy cattle 6 Carabaos 1 year old 2 years old 2.5 years old 3 years old 1 year old 6 months old P1.200.000 520,000 250.000 550,000 170,000 110,000 REQUIRED: Prepare all the indicated entries for 2020 to recognize the transactions relating to FORESTER COMPANY has reclassified certain assets as biological assets. The total value of the forest assets is P6,000,000 which comprises PS,100,000 freestanding trees, p600,000 land under trees, and P300,000 roads in forest. biological assets. Fair value less cost of Indicate the financial statement presentation of the accounts relating to biological assets. disposal on December 31: 15 Horses 10 Dairy cattle 6. What amount should be reported as biological assets? P5,100,000 c. P5,400,000 e. Not given; answer is b. P5,700.000 d. P6.000.000 a. 8 Carabaos P1,350,000 580,000 290,000 600,000 200,000 140,000 2 years old 3 years old 3.50 years old 4 years old 1.5 years old 1 year old 20 Hogs PROBLEM 5-8 4 Dairy cattle 6 Carabaos PROBLEM 5-9 Multiple Choice. Select the best answer. Show supporting computations. There were no farm animals sold during the year and neither were there any newborns or deaths. AFRICA COMPANY purchased 2,000 llamas at the beginning of the current year. These llamas will be sheared semi-annually and their wool sold to specialty clothing manufacturers. The liamas were purchased for P5,000,000. During the current year, the change in fair value due to growth and price changes is P350,000, the wool harvested but not yet sold is valued at net realizable value of P100,000, and the decrease in fair value due to harvest is P50,000. 2. What is the carrying amount of the biological assets on Dec. 31, 2020 after adjusting entries? a P3,160,000 c. P2,800.000 e. Not given; answer is b. P2,350,000 d. P2,380,000 1. What is the carrying value of the biological asset at year-end after adjusting entries? a. P5,300,000 c. P5,200,000 e. Not given; answer is b. P5,400,000 d. P5,100,000 3. What is the gain from change in fair value attributable to price change? a. P810,000 c. P360,000 e. Not given; answer is b. P450,000 d. PO ROBINA COMPANY provided the following trial balance as of June 30, 2020: Debits Credits Cash P1,000,000 Trade & Other Receivables.. 3,000,000 Inventories 200.000 Dairy Livestock (immature). 100,000 Dairy Livestock (mature). 800,000 Plant, Property & Equipment (net)......... 2,800,000 Trade & Other Payables. .P1,040,000 Notes Payable (long-term). 3,000,000 Common Stock 2,000,000 Retained Earnings- Jan. 1, 2020. 1,600,000 Fair Value of Milk Produced.. 1,200,000 Gain from Change in Fair Value. 100,000 Inventories Used.. 280,000 Staff Costs. 240,000 Depreciation Expense. 30,000 Other Operating Expenses. 380,000 Income Tax Expense... 110.000 Totals. P8,940,000 P8,940,000 4. What is the gain from change in fair value attributable to physical change? P810,000 c. P360,000 e. Not given; answer is b. P450,000 d. P700,000 TEMERITY COMPANY has different kinds of farm animals on Jan. 1, 2020. During the year, several acquisitions occurred related to these farn animals. A detailed summary of these transactions is as follows: a Carrying amount on Jan, 1 15 Horses 10 Dairy cattle 8 Carabaos 20 Hogs Purchases on June 30: 4 Dairy cattle 6 Carabaos Age 1 year old 2 years old 2.5 years old 3 years old Amount P1,000,000 400,000 200,000 500,000 ALFONSO COMPANY is a producer of coffee. On Dec. 31, 2019, the entity has harvested coffee beans with fair value less cost of disposal of P3,500,000 at the point of harvest. Because of long aging and maturation process after harvest, the harvested coffee beans were still on hand on Dec. 31, 2020. On such date, the fair value less cost of disposal is P3,900,000 and the net realizable value is P3,200,000. 1 year old 6 months old P150,000 100.000 REQUIRED: 1. Prepare the income statement for the 6-month period ended June 30, 2020. 2. Prepare a properly classified balance sheet as of June 30, 2020. 314 315 2-5 year old animal on Dec. 31, 2020 New born animal on Dec. 31, 2020 3 year old animal on Dec. 31, 2020 4 year old animal on Dec 31, 2020 230 152 248 168 What is the measurement of the coffee beans inventory on Dec 31, 2020? c. P3,200,000 e. Not given; answer is d. P3,900,000 a P3,000,000 b. P3,500,000 Fair value less cost of disposal on December 31: 15 Horses 10 Dairy cattle 8 Carabaos 20 Hogs Dairy cattle 6 Carabaos 1 year old 2 years old 2.5 years old 3 years old 1 year old 6 months old P1.200.000 520,000 250.000 550,000 170,000 110,000 REQUIRED: Prepare all the indicated entries for 2020 to recognize the transactions relating to FORESTER COMPANY has reclassified certain assets as biological assets. The total value of the forest assets is P6,000,000 which comprises PS,100,000 freestanding trees, p600,000 land under trees, and P300,000 roads in forest. biological assets. Fair value less cost of Indicate the financial statement presentation of the accounts relating to biological assets. disposal on December 31: 15 Horses 10 Dairy cattle 6. What amount should be reported as biological assets? P5,100,000 c. P5,400,000 e. Not given; answer is b. P5,700.000 d. P6.000.000 a. 8 Carabaos P1,350,000 580,000 290,000 600,000 200,000 140,000 2 years old 3 years old 3.50 years old 4 years old 1.5 years old 1 year old 20 Hogs PROBLEM 5-8 4 Dairy cattle 6 Carabaos PROBLEM 5-9 Multiple Choice. Select the best answer. Show supporting computations. There were no farm animals sold during the year and neither were there any newborns or deaths. AFRICA COMPANY purchased 2,000 llamas at the beginning of the current year. These llamas will be sheared semi-annually and their wool sold to specialty clothing manufacturers. The liamas were purchased for P5,000,000. During the current year, the change in fair value due to growth and price changes is P350,000, the wool harvested but not yet sold is valued at net realizable value of P100,000, and the decrease in fair value due to harvest is P50,000. 2. What is the carrying amount of the biological assets on Dec. 31, 2020 after adjusting entries? a P3,160,000 c. P2,800.000 e. Not given; answer is b. P2,350,000 d. P2,380,000 1. What is the carrying value of the biological asset at year-end after adjusting entries? a. P5,300,000 c. P5,200,000 e. Not given; answer is b. P5,400,000 d. P5,100,000 3. What is the gain from change in fair value attributable to price change? a. P810,000 c. P360,000 e. Not given; answer is b. P450,000 d. PO ROBINA COMPANY provided the following trial balance as of June 30, 2020: Debits Credits Cash P1,000,000 Trade & Other Receivables.. 3,000,000 Inventories 200.000 Dairy Livestock (immature). 100,000 Dairy Livestock (mature). 800,000 Plant, Property & Equipment (net)......... 2,800,000 Trade & Other Payables. .P1,040,000 Notes Payable (long-term). 3,000,000 Common Stock 2,000,000 Retained Earnings- Jan. 1, 2020. 1,600,000 Fair Value of Milk Produced.. 1,200,000 Gain from Change in Fair Value. 100,000 Inventories Used.. 280,000 Staff Costs. 240,000 Depreciation Expense. 30,000 Other Operating Expenses. 380,000 Income Tax Expense... 110.000 Totals. P8,940,000 P8,940,000 4. What is the gain from change in fair value attributable to physical change? P810,000 c. P360,000 e. Not given; answer is b. P450,000 d. P700,000 TEMERITY COMPANY has different kinds of farm animals on Jan. 1, 2020. During the year, several acquisitions occurred related to these farn animals. A detailed summary of these transactions is as follows: a Carrying amount on Jan, 1 15 Horses 10 Dairy cattle 8 Carabaos 20 Hogs Purchases on June 30: 4 Dairy cattle 6 Carabaos Age 1 year old 2 years old 2.5 years old 3 years old Amount P1,000,000 400,000 200,000 500,000 ALFONSO COMPANY is a producer of coffee. On Dec. 31, 2019, the entity has harvested coffee beans with fair value less cost of disposal of P3,500,000 at the point of harvest. Because of long aging and maturation process after harvest, the harvested coffee beans were still on hand on Dec. 31, 2020. On such date, the fair value less cost of disposal is P3,900,000 and the net realizable value is P3,200,000. 1 year old 6 months old P150,000 100.000 REQUIRED: 1. Prepare the income statement for the 6-month period ended June 30, 2020. 2. Prepare a properly classified balance sheet as of June 30, 2020