B. Ukhwah Farm Sdn. Bhd. rented 100 acres agriculture land from the state government with a cost of RM24,000 per annum. The entity divided the land into two sections: cows breeding and palm oil plantation. As at 31 December 2020, the information on the cow breading is obtained as follows: Cows-size Quantity as at 31 Fair value less cost to sell per Quantity as at 31 Fair value less cost to sell December cow as at December per goat as at 2019 31 December 2020 31 December 2019 (RM) 2020 (RM) Kids 30 1200 20 1300 Adults-small 50 3000 40 2800 Adults- 70 4000 80 4500 medium Adults 100 7000 50 6800 TOTAL 250 200 NOTES: 1. Cows stocktake showed that the entity has 200 cows as at 31 December 2020. The stock movement was based on the following activities: L i Sales, with invoices of RM320,000 issued to customers Purchases with invoices of RM150,000 from suppliers 10 small size cows were infected by virus, quarantined, but was not safe to be kept in the farm. The management decided to kill the cows as at 31 December 2020. The cost of the cows when purchased was RM1000 each. This transaction has not yet been recorded. 2. Cow feed, medicines and other stocks were kept in the warehouse. The stock was valued at RM15,000 at cost. The market value of the stock is RM20,000. 3. Plantation of additional palm trees began in December 2019. These activities incurred and the cost were carried forward to the year 2020. The accumulated cost as at 31 December 2020 is as follows: Activities Amount (RM) Seedlings, nursery costs and other planting materials 80,000 Labor cost 48,400 Upkeep and maintenance costs (fertilization, weeding, pest control, 35,000 disease control and pruning) Cleaning and earthwork 80,000 4. As at 31 December 2020, the fair value of immature palm trees on the land is RM215,000. None of the trees can be harvested yet. 5. Accounting year end is at 31 December every year. Required: a) Compute the total value of biological assets as at 31 December 2020. (2 marks) b) Prepare the journal entries capturing changes in the value of biological assets as at 31 December 2020. (6 marks) c) Prepare the relevant extracts of the Profit and Loss Statement and Other Comprehensive Income as at 31 December 2020. (7 marks)