Dear Deer Bhd is in the business of deer farming. They started with 200 of 1 year-old deer. They raised them to their marketable age of about 3 years. The deer will be slaughtered at the age of 3 years old. The information below is regarding the livestock for the year ended 31 December 2016:

DateDetails1/1/2016Hold 200 deer, 1-year-old deer1/1/2016Purchased 50 deer, 1.5-year-old deer30/6/2016Purchased 30 deer, 2-year-old deer

Below is the information given regarding the fair value less cost to sell per deer:

DateDetailsRM1/1/20161-year-old deer901/1/20161.5-year-old deer10030/6/20162-year-old deer11531/12/20161-year-old deer9531/12/20161.5-year-old deer11031/12/20162-year-old deer11631/12/20162.5-year-old deer11831/12/20163-year-old deer120

Required:

Calculate the carrying amount and the revenue for the year ended 31 December 2016. (10 marks)

1. Assuming that on 1 January 2016, 1,000 fawns were born. The estimated fair value of a day old fawn was RM50. As at 31 December 2016, the fawn was one year old and had estimated fair value less cost to sell of RM85.

Required:

Prepare the relevant journal entries for the above transactions.