Problem 11 The Wet and Dry Farms harvested corn with fair value of P3,500,000 at December 26, 2021. The estimated cost to sell is P150,000. The company recorded this transaction as follows: Inventory - Corn Income from Harvest 3,500,000 3,500,000 At December 31, after the festivities for the holiday season is almost over, the fair value of the corn slightly declined to P3,300,000, and no corn had yet been sold from those harvested on December 26. On January 10, 2022, all the corn had been sold to a manufacturer for P3,450,000. The Wet and Dry Farms incurred cost to sell of P150,000. REQUIRED: - At what amount should the inventory corn be presented on the statement of financial position at December 31, 2021? (a) (b) Prepare the audit adjustments at December 31, 2021?