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A farmer buys 1 , 1 8 0 chickens for $ 1 4 1 , 6 0 0 at the beginning of 2 0 X

A farmer buys 1,180 chickens for $141,600 at the beginning of 20X3. The cost to feed, shelter, and grow the chickens is $25,960 in 20X3 and $28,320 in 20X4. Based on the chickens age and size, the fair value at the end of 20X3 was $182,900. On November 8,20X4, the chickens are slaughtered for a cost of $14,160. The fair value of the carcasses is $289,100.
1. Prepare the journal entries for 20X3,20X4, and 20X5 under IFRS
- first 2 entries are Jan 1,20x3
-3rd entry is Dec 31,20x4
-4th entry is 20x4
-5th and 6th entry is Nov 8,20x4
2. Prepare the journal entries under ASPE.
- first two journal entreis are for Jan 1,20x3 and 3rd entry is for
20x4 and 4th entry is for 8 nov 20x4
Please pay attention to all details and make sure you follow the dates.
thank you very much in advance.
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