Masendeke having retired from formal employment decided to take up livestock farming activities. In January 2017 Masendeke made the following livestock purchases using a bank loan and commercial ranching activities.

Head Class cost fsv

1 stnd bull 4 200 -

1 stnd bull 5 200 -

120 cows 360 000 480

100 heifers 80 000 360

70 tollies 44 800 360

90 oxen 64 800 400

60 calves 12 000 160

442 571 000

Between June and August 2017 the following took place:

• 72 births
• 12 deaths (4 tollies, 2 heifers and 6 oxen)
• 40 sales (10 tollies, 15 heifers, 5 oxen, 10 calves) realizing $1 500 000.

The following movements in growth took place between January and December 2017.

• 30 calves became tollies;
• 10 calves became heifers
• 10 heifer become cows
• 20 tollies became oxen

The cost of running the head tolled $750 000.The commissioner General has approved the FFSV shown above. Masendeke has elected to use minimum purchase price method in valuation of bulls.

Required

Using the information provided, prepare the following as at 31 December 2017.

1. Livestock reconciliation statement
 
2.  Livestock trading account for the period.