Question
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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