Hoppy Bunny Farms (HBF) grows carrots and planted an acre of carrot seeds in July 2020. At the time of planting, HBF expensed the costs of planting, including $14,000 for seeds, $8,000 in labour, and $7,500 in soil amendments. On July 31, 2020, HBF's year end, the company estimates that the immature carrots have a fair value of $40,000. It would cost HBF $3,000 to sell these carrots. HBF expects to incur a further $10,000 in costs in August prior to harvesting the carrots, which will be sold for approximately $120,000 less $2,000 in selling costs. HBF reports under the IFRS financial reporting framework. What amount will show in HBF's statement of financial position as at July 31, 2020, related to the carrots? a) None, all costs are expensed. b) $37.000 c) $29,500 d) $118,000