Problem 3 Tree House Inc. is in the business of processing animal meat. As of January 1, 2020, Tree House Inc. had a herd of 10, two-year old animals, with fair value less cost to sell of P1,000 each. On July 1, 2020, Tree House purchased one 2.5 year old animal for P1,080. One animal was also born on the same date. No animals were sold or disposed of during the period. However, 2 animals died on July 1, 2020. The per-unit fair values less costs to sell were as follows: 2 year old animal, January 1, 2020 Newborn animal, July 1, 2020 2.5 year old animal, July 1, 2020 New born animal, December 31, 2020 0.5 year old animal, December 31, 2020 2 year old animal, December 31, 2020 2.5 year old animal, December 31, 2020 3 year old animal, December 31, 2020 P1,000 700 1,080 720 800 1,050 1,110 1,200 Required: 1. Prepare the necessary journal entries for the year 2020. 2. Compute price and physical change