Emmerdale Farm operates near Orangeville, Ontario $($which is approximately $90$ kilometers from Toronto$).$

Emmerdale's fiscal year end is December $31.$

On January $1,20$X$7,$ Emmerdale purchased some chickens. In total, $1,060$ chickens were purchased for $$127,200.$

The chickens required feeding and other costs to humanely maintain them. The total such cost up to year end, December $31,20$X$7$ was $$23,320.$

The same cost in the $20$X$8$ fiscal year was $$25,440.$

Emmerdale routinely hires the services of a local livestock appraiser $($an expert in determining the Fair Value of farm animals$),$ and she indicated the Fair Value of the chickens was $$164,300$ as at December $31,20$X$7.$

On October $14,20$X$8,$ the chickens were slaughtered: total cost of this procedure was $$12,720.$

The same livestock appraiser determined that the resulting carcasses had a Fair Value of $$259,700$ on $14$ October $20$X$8.$

Required:

$1.$ Prepare the journal entries for $20$X$7$ and $20$X$8$ under IFRS. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

Use the account "Biological asset $-$ chickens" as the initial asset account.