A tree farm harvests a variety of trees that are sold to garden centres. In $205,$ the company was created and they acquired $1,670$

immature blue spruce trees and $334$ mature blue spruce trees. Each spruce is grown to be $8$ feet, at which point they are sold to a

garden centre. The cost to sell each tree, no matter the size, is estimated at $$25.$

The company uses a periodic system to account for the sale of trees. The trees sold each year is included below along with the

following information.

The fair values of trees are determined based on their relative size. While there is a market to sell smaller trees, the company's policy

is to only sell trees grown to maturity.

Required:

Prepare the journal entries for $1$ January $20$X$5,31$ December $20$X$5,$ and $31$ December $20$X$6$ in accordance with IFRS. $($If no entry is

required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$