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Carla VistaDairy began operations on April 1, 2020, with purchase of200milking cows for $6,540,000. It has completed the first month of operations and has the
Carla VistaDairy began operations on April 1, 2020, with purchase of200milking cows for $6,540,000. It has completed the first month of operations and has the following information for its milking cows at the end of April 2020.
Milking cowsChange in fair value due to growth and price changes
$(207,000)
Decrease in fair value due to harvest
(11,300)
Milk harvested during April 2020 (at net realizable value)
66,000
1.What are the journal entries forCarla Vista's biological asset (milking cows) for the month of April 2020?
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