A tree farm harvests a varlety of trees that are sold to garden centres. In 205, the company was created and they acquired 1,700 Immature blue spruce trees and 340 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 slze, Is estimated at $2.5. The company uses a perlodic system to account for the sale of trees. The trees sold each year is included below along with the following Information. The falr values of trees are determined based on thelr 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 entrles for 1 January 20X5,31 December 20X5, and 31 December 206 In accordance with IFRS. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) A tree farm harvests a varlety of trees that are sold to garden centres. In 205, the company was created and they acquired 1,700 Immature blue spruce trees and 340 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 slze, Is estimated at $2.5. The company uses a perlodic system to account for the sale of trees. The trees sold each year is included below along with the following Information. The falr values of trees are determined based on thelr 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 entrles for 1 January 20X5,31 December 20X5, and 31 December 206 In accordance with IFRS. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)