Old McDonald Farms owned the following biological asset in 2020:

Carrying amount, January 1, 2020

800,000

Purchases

230,000

Gain arising from changes in fair value less costs to sell attributable to physical changes

60,000

Gain arising from changes in fair value less costs to sell attributable to price changes

60,000

Sales

110,000

The carrying amount of the biological assets on December 31, 2020 is?

a. 980,000

b.1,030,000

c.1,100,000

d.1,040,000