On December 24, 2019, the BSA Farms harvested apples with fair value of P 200,000 and an estimated cost to sell of P5,000 The apples were not recorded as biological assets while it grew on trees At year end, the fair value declined slightly to P390,000 and no apples had been sold at year end The net realizable value of the apples at year end is P210,000 On January 1, 2020, all of the apples had been sold for P200,000, the company paid selling cost of P 1,000 Required Compute for the initial value of the agricultural produce Compute for the subsequent measurement of agricultural produce Compute for the net income or loss on sale

Question

On December 24, 2019, the BSA Farms harvested apples with fair value of P 200,000 and an estimated cost to sell of P5,000  The apples were not recorded as biological assets while it grew on trees  At year end, the fair value declined slightly to P390,000 and no apples had been sold at year end  The net realizable value of the apples at year end is P210,000  On January 1, 2020, all of the apples had been sold for P200,000, the company paid selling cost of P 1,000  Required  Compute for the initial value of the agricultural produce  Compute for the subsequent measurement of agricultural produce  Compute for the net income or loss on sale

Accepted Answer

The Answer is in the image, click to view ...

On December 24, 2019, the BSA Farms harvested apples with fair value of P 200,000 and an

Question:

Foundations of Finance The Logic and Practice of Financial Management

On December 24, 2019, the BSA Farms harvested apples with fair value of P 200,000 and an

Question:

Expert Answer:

The Answer is in the image, click to view ... View the full answer

Foundations of Finance The Logic and Practice of Financial Management

Students also viewed these Accounting questions