5 . Lomboy Grape Farms ( Addl problem in 2022 edition ) Lomboy Grape Farms , located in Bauang , La Union , is said to be one of the famous grape vineyards in the country . Its produce , coming from thousands of grape vines , is customarily bought by wineries in Metro Manila . At December 31 , 2021 , the fair value of the vineyard farm , excluding land , is P4,000,000 . Other information : Fair value of the vines as of June 15 , 2022 prior to harvest of the grapes P7,000,000 Fair value of grapes harvested at June 30 , 2022 1,500,000 Estimated cost to sell the grapes 200,000 Estimated cost to sell the vines 300,000 ( a ) What are the amounts reported by Lomboy Grape Farms as assets at June 30 , 2022 ?

(b) What amount, if any, is reported in its profit or loss for the six months ended June 30, 2022?