A herd of ten 2-year old animals was held at January 1 of the current year. On July 1, one

animal aged 2.5 years was purchased for P108 and one animal was born. No animals were sold during the year. Fair values less costs to sell were as follows:

2 - year old animal on January 1

100

2.5 - year old animal on July 1

108

New born animal on July 1

70

2 - year old animal on December 31

105

2.5 year old animal on December 31

111

New born animal on December 31

72

3 - year old animal on December 31

120

0.5 - year old animal on December 31

80

Required:

• Compute the carrying amount of biological assets at year-end.
• Compute for the increase in fair value of biological assets in the current period due to price change
• Compute for the increase in fair value of biological assets in the current period due to physical change.