Problem 1 Farm Corporation reported the following lists of biological assets and agricultural produce for the year ended December 31, 2020: Assets Diary cattle Beef cattle Sheep Calves on diary cattle Calves on beef cattle Lambs Milk on diary cattle Carcass on beef cattle Wool Fair Value 3,000,000 5,500,000 2,000,000 1,000,000 2,500,000 800,000 500,000 800,000 400,000 a. Requirements: What amount of biological asset should Central Farm Company report in its December 31, 2020 statement of financial position? b. What amount should Central Farm Company report as inventory related to the above biological assets