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Accounting for Biological Assets) The Company has the following animals on January 1, 2020: Twenty 2-year-olds Thirty 1-year-olds During the year, the Company made the

Accounting for Biological Assets)

The Company has the following animals on January 1, 2020:

Twenty 2-year-olds

Thirty 1-year-olds

During the year, the Company made the following transactions:

A.On January 1, 2020, the Company purchased the following for P60,000:

Five 0.5-year-olds

Ten newborns

B.On June 30, 2020, 10 animals were born.

C.On June 30, 2020, the Company purchased the following for P40,000:

Two 0.5-year-olds

Eight newborns

D.On December 31, 2020, the Company sold the following at FV - CTS:

Ten 3-year-olds

Five 0.5-year-olds

The fair values less cost to sell on different dates are as follows:

January 1, 2020

June 30, 2020

December 31, 2020

Age

FV-CTS

Age

FV-CTS

Age

FV-CTS

2-year old

20,000

2-year old

21,000

3-year old

32,000

1-year old

13,000

1-year old

13,500

2-year old

22,000

0.5-year old

6,500

0.5-year old

7,000

1.5-year old

18,000

Newborn

2,500

Newborn

3,200

1-year old

14,000

0.5-year old

8,000

Newborn

3,500

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