For January 1 20X5

1. Record the initial recognition of mature and immature biological assets

For 31 Dec 20X5

1. Record the cost of biological asset sold
2. Record the selling costs of biological asset sold
3. Record the fair value gain or loss on immature biological assets

For 31 Dec 20X6

1. Record the cost of goods sold
2. Record the selling costs of goods sold
3. Record the transfer of immature trees to mature trees
4. Record the fair value gain or loss on immature biological asset

A tree farm harvests a variety of trees that are sold to garden centres. In 205, the company was created and they acquired 1,590 immature blue spruce trees and 318 mature blue spruce trees. Each spruce is grown to be 8 feet, at which point they are sold to a garden centre. The cost to sell each tree, no matter the size, is estimated at $25. The company uses a periodic system to account for the sale of trees. The trees sold each year is included below along with the following information. The fair values of trees are determined based on their relative size. While there is a market to sell smaller trees, the company's policy is to only sell trees grown to maturity. Required: Prepare the journal entries for 1 January 20X5, 31 December 20X5, and 31 December 206 in accordance with IFRS. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)