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On January 1, 20x1, the biological assets of SUAVE POLISHED Co. consist of ten 2 year old animals with fair value less cost to sell of P40,000 each for a total of P400,000. Transactions during the year include the following: . One animal aged 2.5 years was purchased on July 1, 20X1 for P43,200. . One animal was born on July 1, 20X1. . No animals were sold or disposed of during the period. Per-unit fair values less costs to sell are as follows:Newborn animal at July 1, 20X1 P28,000 2.5 year old animal at July 1, 20X1 43,200 Newborn animal at 31 December 20X1 28.800 0.5 year old animal at 31 December 20X1 32,000 2 year old animal at 31 December 20X1 42,000 2.5 year old animal at 31 December 20X1 44.400 3 year old animal at 31 December 20X1 48,000 How much is the total gain from the change in fair value less costs to sell during 20x1? O 116,800 O 88,800 O 113,600 156,800How should the excess of the subscription price over the par value of ordinary subscribed be recorded? As share premium when the O subscription is received As share premium when the O subscription is collected O As share premium when the capital stock is issued O As retained earnings when the subscription is receivedABC Co. provided you the following information for the purpose of determining the amount of its inventory as of December 31, 20x1: Goods located at the warehouse (physical count) Goods located at the sales department (at cost) Goods in-transit purchased FOB Destination Goods in-transit purchased FOB Shipping Point Freight incurred under "freight prepaid" for the goods purchased under FOB Shipping Point Goods held on consignment from XYZ, Inc. How much is the total inventory on December 31, 20x1? O 20,880,000 25,080,000 O 26,080,000 20,800,000The entry to record the settlement of a purchase on account amounting to P100,000 and freight of P10,000 on a purchase transaction with terms of FOB Destination, Freight Prepaid is Accounts Payable 100,000 O Cash 100,000 Freight-out 10,000 O Accounts receivable 10.000 Accounts Payable 90,000 O Cash 90,000 Freight-in 10,000 O Accounts Payable 100,000 Cash 110,000On December 31, 2012, Candid Company's board of directors canceled 5,000 shares of P50 par value held in treasury at an average cost of P120 per share. Before recording the cancelation of the treasury shares, the entity had the following balances in its shareholders' equity: Share capital (50,000 shares originally issued at P75) 2,500,000 Share premium 1,250,000 Retained earnings 1,000,000 Treasury shares, at cost 600,000 On December 31, 2012, what amount should be reported as share capital-outstanding? O 2,250,000 2,500,000 O 2, 125,000 1,900,000The records of ABC Co. show the following: a. Goods sold on an installment basis to XYZ, Inc., tit b. Goods sold to Alpha Co., for which ABC Co. has th c. Goods sold where large returns are unpredictable. d. Goods received from Beta Co. for which an agreem How much is included as part of inventory? O 270,000 120,000 330,000 50,000Which of the following costs are not included in costs to sell? O Levies by regulatory agencies. O Transport and other costs necessary to get the assets to a market. O Commissions to brokers and dealers. O Transfer taxes and duties.On December 31, 20x1, ABC Co. has a balance of P240.000 in its inventory account determined through physical count and a balance of P90,000 in its accounts payable account. The balances were determined before any necessary adjustment for the following:a. Segregated goods in the shipping area marked "Bill and hold sale" were included in inventory because shipment was not made until January 4, 20x2. The goods were sold to the customer on a "bill and hold" sale for P20,000. The cost of the goods is P10,000. The goods were already packed and ready for shipment. Both ABC and the buyer acknowledged the shipping term. b. A package containing a product costing P80,000 was standing in the shipping area when the physical inventory was conducted. This was included in the inventory although it was marked "Hold for shipping instructions." The sale order was dated December 17 but the package was shipped and the customer was billed on January 4, 20x2. c. Merchandise costing P10,000, shipped FOB destination from a vendor on December 30, 20x1, was received and recorded on January 5, 20x2. d. Goods shipped F.O.B. shipping point on December 27, 20x1, from a vendor to ABC Co. were received on January 6, 20x2. The invoice cost of P30,000 was recorded on December 31, 20x1 and included in the count as "goods in-transit."The entry to record the settlement of a purchase on account amounting to P100,000 and freight of P10,000 on a purchase transaction with terms of FOB Shipping Point, Freight Prepaid is Accounts payable 90,000 O Cash 90,000 Freight-out 10,000 O Accounts receivable 10,000 Accounts payable 110,000 O Cash 110,000 Freight-in 10,000 O Accounts payable 100,000 Cash 110,000Confound Confuse Co. issued 1,000 ordinary shares with par value per share of P400 and 200 preference shares with a par value per shar of P520 for lump sum price of P800,000. Quoted prices per share are P480 and P600 for the ordinary and preference shares, respectively. How much is the allocated cost to the preference shares? 120,000 160,000 452,174 104,000Which of the following statements regarding comparability is incorrect? 0 Information is comparable if it is prepared and presented consistently. Comparability and consistency are 0 interrelated but they are not the same. Comparability is the goal while consistency is the means. Comparability and consistency are interrelated but 0 they are not the same. Comparability is the means while consistency is the goal. The usefulness of nancial information is greatly enhanced if it can be compared 0 with information produced by another entity or with similar information prepared in previous periods. According to the Conceptual Framework, the correct classifications of Relevance and Reliability, respectively, are O Fundamental, Fundamental O Fundamental, Enhancing Fundamental, None O Enhancing, Fundamental