LAPITNA Company has a herd of 10 2-year-old animals on January 1, 2020. One animal aged 2-5 years was purchased on July 1, 2020 for P108, and one animal was born on the same date. No animals were sold during the year.

The fair value less cost to sell per unit is as follows:

2-year-old animal on January 1

100

2.5-year-old animal on July 1

108

New born animal on July 1

70

2-year-old animal on December 31

105

2.5-year-old animal on December 31

111

Newborn animal on December 31

72

3-year-old animal on December 31

120

0.5-year-old animal on December 31

80

1. What is the fair value of the biological assets on December 31, 2020?

1,440

1,360

1,320

1,400

2.What is the gain from change in fair value of biological assets that should be recognized in 2020?

222

332

300

292

3.What is the gain from change in fair value due to physical change?

222

237

292

55