(Click the icon to view the transactions and additional information.) Required Record the journal entries for Years 1, 2, and 11 relating to the above information assuming uses the cost method for the apple trees because they are bearer plants. Requirement. Record the journal entries for Years 1, 2, and 11 relating to the above information assuming Jackson uses the cost method for the apple trees because they are bearer plants. (Record debits first, then credits. Explanations are not Start by recording the purchase of the trees at the beginning of Year 1. Date Year 1 Accounts Debit Credit Prepare the entry to show the year 1 spending on water, fertilizer, and labour. Date Year 1 Accounts Debit Credit Prepare the entry to show the year 2 spending on water, fertilizer, and labour. Date Year 2 Accounts Record the revenue related to the apples produced in Year 11. Date Year 11 Accounts Debit Credit Debit Credit Prepare the compound entry to show the year 11 spending on water, fertilizer, labour, and harvesting. Date Year 11 Accounts Debit Credit More info Beginning of Year 1: Purchased and planted 100,000 young apple trees that will mature (i.e., begin bearing fruit) in 10 years, at a cost of $5,500,000. Years 1 to 10: Spent $65,000 on water, $90,000 on fertilizer, and $250,000 on labour cultivating the orchard each year for 10 years. Years 11 and on: At maturity, each apple tree produces about 115 kilograms of apples on average. Apple trees are productive for about 40 years. Harvested apples can be sold immediately or put into cold storage for up to six months without significant deterioration in quality. In addition to water, fertilizer, and labour costs as previously incurred, harvesting also requires an additional cost of $100,000 per year. Other information about the orchard: The market price for apples is about $0.90/kg at the farm gate (wholesale and retail prices are considerably higher). Once apple trees have been planted, they are not movable without significant damage to their root system, so there is no market price for planted apple trees. Print Done -