Franklin Farms (FF) owns turkeys that are used for breeding Thanksgiving turkeys. Turkeys are sold for a range of prices, depending on their size. This year, there were 120 turkey chicks born. At their current size, the chicks are worth $3 each. If FF raises them to full size, they will sell for an average of $24 each, less $1 in selling costs, which are the same regardless of the size of chicks sold. What journal entry is required to recognize the turkey chicks? A. DR Biological assets turkey chicks 240 CR Gain on initial recognition of biological assets 240 B. DR Biological assets turkey chicks 360 CR Gain on initial recognition of biological assets 360 C. DR Loss on initial recognition of biological assets 240 CR Biological assets turkey chicks 240 D. DR Biological assets turkey chicks 2,760 CR Gain on initial recognition of biological assets 2,760 Report an error