Problem 1. (Biological Assets)

TREE Company provided the following assets in a forest plantation and farm:

Freestanding Trees 5,000,000

Land under trees 600,000

Roads in forests 300,000

Animal related to recreational activities 1.000,000

Bearer plants 1,500,000

Bearer animals 2,000,000

1. What total amount of the assets should be classified as biological assets?

PLEASE EXPLAIN WITH SOLUTION AND JOURNAL ENTRY