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Magna owned cattle recorded in the financial statements at $10,500 on 1 January 20X4. At 31 December 20X4 the cattle have a fair value of
- Magna owned cattle recorded in the financial statements at $10,500 on 1 January 20X4. At 31 December 20X4 the cattle have a fair value of $13,000. If Magna sold the cattle, commission of 2% would be payable. What is the correct accounting treatment for the cattle at 31 December 20X4 according to IAS 41 Agriculture?
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Accounting Volume 1
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
9th Canadian edition
978-013309863, 9780133128338, 013309863X, 133128334, 978-0132690096
