Jack Russell is a dog farm, breeding and maturing the dogs forfuture selling as the main business. The following assumptions apply:

• The company was created as at 1 April 2019; at that time, 20 puppies (baby dogs) and 10 mature dogs were acquired. The cost of acquisition for each unit of puppy and mature dog is the same as the costs to sell in the table below.
• Puppies become mature after 12 months.
• On 1 February 2020, 8 new puppies were born.
• On 10 May 2020, 15 mature dogs were sold.

The fair value for puppy and mature dogs as well as the costs to sell are as follows:

2019

2020

Fair value per puppy per unit

$500

$700

Fair value per mature dog per unit

$1000

$1500

Costs to sell or acquisition cost

• Auctioneer's fee

$15

$20

Required

Provide journal entries for the following items according to the requirement of AASB 141Agriculture.

1. Establishment of the dog farm on 1 April 2019 (6 Marks)
2. New born calves on 1 February 2020 (4 Marks)
3. Sale of mature dogs on 10 May 2020 (6 Marks)
4. The fair value of Jack Russell farm as at 31 December 2019 and 31 December 2020 respectively (4 Marks)