On December 31, 2014, after taking into account and location, the fair value of the biological assets had

increased to 500,000 (that is, the market price including the cost of transporting the as set).

21.

What amount should the biological assets be initially recognized?

22.

What amount should the biological assets be reported in the December 31, 2014 statement of

financial position?

23.

What amount of gain or loss should the company include in the statement of comprehensive income

due to the change in the fair value of the biological assets?