Give a brief but clear computation

16. Righteous Company provided the following data: Value of biological asset at acquisition cost on December 31, 2020, P 6,000,000 . . Fair valuation surplus on initial recognition at fair value on 12/31/20, P 500,00 Change in fair value on 12/31/20 due to growth and price fluctuation, P 900,000 Decrease in fair value due to harvest, P 100,000 What is the carrying amount of the biological asset on December 31, 2020? a. P7,400,000 P7,300,000 C. P7,500,000 d. P6,500,000 17. Using the same information in number (1), what amount of net gain from the change in fair value of biological assets should be reported in 2020? a. P1,400,000 P1,300,000 P900,000 P800,000 18. Tamaraw Company purchased cattle at an auction for P 300,000 on July 1, 2020. Cost of transporting the cattle back to the company's farm was P 3,000 and the company would have to incur cost similar transportation cost if it was to sell the cattle in the auction in addition to auctioneer's fee of 2% of sales price On December 31, 2020, after taking into account the location, the fair value of the biological assets had increased to P 500,000 (that is, the market price including the cost of transporting the asset). What amount should be the biological assets be initially recognized? a. P291,000 b . P294,000 C. d. P297,000 P300,000 19. Using the same information in number (8), what amount should the biological assets be reported in the December 31, 2020 statement of financial position? a. P487,000 b . P490,000 C. P497,000 d. P500,000 20. Using the same information in number (8), what amount of gain or loss should the company include in the statement of comprehensive income due to the change in the fair value of the biological assets? a. P193,000 b . P196,000 C. P200,000 d. P209,000