ABC Company produces milk to sell to local and national ice cream producers. ABC began operations on January 1, 2020 by purchasing 650 milk cows for P780,000. The company controller had the following information available at the end of the year relating to the cows: Milking cows: Carrying value, January 1, 2020 P780,000 Change in fair value due to growth and price changes 242,000 Decrease in fair value due to harvest (28,000) Milk harvested during 2020 but not yet sold 36,200 On ABCs Income Statement for the year ending