ias41

1.

A farmer own a sheep herd of two years old each, at Jan 1st 2019. the number of sheep in the herd was 300. the fair value of the herd at this date was $30,000. the fair value of the two-year and three-year old animals at Dec 31st 2019 are $120 and $135 respectively.

The increase in the fair value due to prices changes:

a.$6,000

b.$4,500

c.$10,500

d.$0

2.

A farmer own a sheep herd of two years old each, at Jan 1st 2019. the number of sheep in the herd was 300. the fair value of the herd at this date was $30,000. the fair value of the two-year and three-year old animals at Dec 31st 2019 are $120 and $135 respectively.

The increase in the fair value due to physical changes:

a.$6,000

b.$4,500

c.$10,500

d.$0

3.

A farmer own a sheep herd of two years old each, at Jan 1st 2019. the number of sheep in the herd was 300. the fair value of the herd at this date was $30,000. the fair value of the two-year and three-year old animals at Dec 31st 2019 are $120 and $135 respectively.

The increase in the fair value due to price changes and physical changes would be recognized respectively:

a.Income statement and other comprehensive income

b.Both should be recognized in income statement

c.Both should be recognized in other comprehensive income

d.Other comprehensive income and income statement