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INSTRUCTIONS: Separate figures with commas. Indicate a negative balance or deduction operation with parentheses.

The Company has the following animals on January 1, 2020:

Twenty 2-year-olds

Thirty 1-year-olds

During the year, the Company made the following transactions:

On January 1, 2020, the Company purchased the following for P60,000:

Five 0.5-year-olds

Ten newborns

On June 30, 2020, 10 animals were born.

On June 30, 2020, the Company purchased the following for P40,000:

Two 0.5-year-olds

Eight newborns

On December 31, 2020, the Company sold the following at FV - CTS:

Ten 3-year-olds

Five 0.5-year-olds

INSTRUCTIONS: Separate figures with commas. Indicate a negative balance or deduction operation with parent The Company has the following animals on January 1, 2020: . Twenty 2-year-olds . Thirty 1-year-olds During the year, the Company made the following transactions: 1. On January 1, 2020, the Company purchased the following for P60,000: . Five 0.5-year-olds . Ten newborns 2. On June 30, 2020, 10 animals were born. 3. On June 30, 2020, the Company purchased the following for P40,000: . Two 0.5-year-olds . Eight newborns 4. On December 31, 2020, the Company sold the following at FV - CTS: . Ten 3-year-olds . Five 0.5-year-olds The fair values less cost to sell on different dates are as follows: January 1, 2020 June 30, 2020 December 31, 2020 Age FV-CTS Age FV-CTS Age FV-CTS 2-year old 20,000 2-year old 21,000 3-year old 32,000 1-year old 13,000 1-year old 13,500 2-year old 22,000 0.5-year old 6,500 0.5-year old 7,000 1.5-year old 18,000 Newborn 2,500 Newborn 3,200 1-year old 14,000 0.5-year old 8,000 Newborn 3,500Required: 1. Journalize the above transactions plus the changes in FV-CTS at year-end. January 1 Biological Assets Cash Income - Initial Recognition of BA Purchase of biological asset June 30 Biological Assets Income - Change in FV-CTS due to physical change Birth of biological asset June 30 Biological Assets Expense - Initial Recognition of BA Cash Purchase of biological assetDecember 31 Cash Biological Assets Sale of biological assets December 31 Biological Assets Income - Change in FV-CTS due to price change Income - Change in FV-CTS due to physical change Change in FV - CS at year-end Compute for the total change in FV-CTS due to price change. Compute for the total change in FV-CTS due to physical change. Compute for the year-end balance of the biological assets.Prepare reconciliation of the year-end balance of the biological assets. January 1, 2020 Balance Purchase on January 1 Purchase on June 30 Change in FV-CTS due to price change Change in FV-CTS due to physical change Sales of biological assets December 31, 2020, Balance