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Ell E-EE'HE l EEIEEEE'E E' [El '!:l On January 1. 2016. the biological assets of ABC Co. consists of ten 2 year old animals with
Ell E-EE'HE l EEIEEEE'E E' [El '!:l On January 1. 2016. the biological assets of ABC Co. consists of ten 2 year old animals with fair value less cost to sell of P1D,l] each for a total of Pl. Transactions during the year include the following: - lDne animal aged 2.5 years was purchased on July 1, 215 for P1G,Bl}. - lDne animal was born on July 1. 21315. - No animals were sold or disposed of during the period. For unit fair values less costs to sell are as follows: 0.5 ear old animal on December 31 EDGE) 2 year old animal on December 31 1D,5l}l} 2.5 ear old animal on December 31 11, 10D 3 ear old animal on December 31 12,[l Case 1: 1. Prepare the necessary joumal entries to record these transactions. 2. What is the fair value of the biological assets on December 31, 2016? 3. What is the gain from change in fair value of biological assets to be recognized in 201 5? 4. What is the gain from change in fair value due to price change in 2015? 5. What is the gain from change in fair value due to physical change in 2016? 5. What is the amount of realized loss to be reported in profit or loss in 2016
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