Fia Company sold some of their biological assets to Gray for P200,000 on July 1, 2014. The sale as made at Fia's farm. However, if the biological assets are being sold at an auction they could have been sold at a higher price but the company has to incur transportation costs of P2,000, Fia Company paid P6,000 commission in relation to the sale. Gray Company incurred P3,000 as transport cost in bringing the asset to their own farm. Question 1;At what amount should Gray Company recognize the assets initially? Question 2;At what amount of loss should the Gray Company recognize on initial recognition related to the asset? Lucky Company purchased Dairy cattle at an auction for P300,000 on July 1, 2014. Cost of transporting the cattle back to the company's farm was P3,000 and the company would have to incur cost similar transportation cost if it was to sell the cattle in the auction, in addition an auctioneer's fee of 2% of sales price. On December 31, 2014, after taking into account and location, the fair value of the biological assets had increased to P500,000 (that is, the market price including the auctioneer's fee of P10,00 and transportation cost of P5,000). What amount of net gain or loss should the company disclosed in the statement of comprehensive income related to the biological assets? The following information pertains to the bearer plant and agricultural produced of Kianzy Company. On January 1, 2015, the cost/ carrying value of the company's bearer plant was P25,000,000 and estimated remaining life is 25 years. As of December 31,2015 Vina Company determines the following: Fair value of the grapes harvested at December 31, 2015 P5,000,000 Estimated pointofsale costs of the grapes 100,000 With the assistance of valuation experts, Kianzy Company determines that the recoverable amount of the bearer plants as of December 31, 2015 is P22,000,0000. What total amount should Kianzy Company report in its December 31, 2015 statement of comprehensive income related to the bearer plant? Gee dairy produces milk to sell to local and national ice cream producers. Gee Dairy began operation on January 1, 2014 by purchasing 840 milk cows for P1,176,000. The company controller had the following information available at year end relating to the cows: Milking cows Carrying value, January 1, 2014 P1,176,000 Change in fair value due to growth and price change 365,000 Decrease in fair value due to harvest (42,000) Milk harvested during 2014 54,000 At December 31, 2014, what is the value of the milking cows on Gee Dairy's statement of financial position? Jane Company is in business of Deer Framing. A herd of 100 2year old and 50 3year old deer are held throughout the financial year of 2015. The only change during the year is the increase in their physical attributes due to aging. The relevant data are as follows: Fair value of a 2year old deer at 1 January 2015 P3,000 Fair value of a 3year old deer at 1 January 2015 4,000 Fair value of a 2year old deer at 31 December 2015 3,300 Fair value of a 3year old deer at 31 December 2015 4,500 Fair value of a 4-year old deer at 31 December 2015 5,800 Question 1; How much is the increase in the fair value of the biological asset clue to physical change? Question 2; How much is the increase in the fair value of the biological asset due to price change? Paris Company commences cultivation of oil palm crop on January 1, 2014. Costs (panting materials, labor and nfhpr nlanfino rncfci wprp inrllrrr'ar'l in 9014 in rimmlnn a 1nhprt2rp nil halm rrnn nmnnnfpr'l in DA nnn nnn nn