(a) Bill Jersey is a dairy farmer who operates his farm as a company. His accountant produces financial reports that include a Statement of Financial Position and a Statement of Performance. (i) How will the assets be reported before and after when 100 of his dairy herd produces calves in the next month? Newborn calves are priced at a fair value of $250 each and are intended to be sold in the next 12 months. The pregnant dairy cows are fair valued at $1,200 each before birth and $1,000 after. BALANCE SHEET BEFORE Current Assets BALANCE SHEET AFTER Current Assets Non-Current Assets Non-Current Assets 2 marks