PT Palugada is the largest and most integrated agricultural company. As of December 31, 2020, the entity has the following biological assets:

1. Own 10 dairy cows that have produced. The entity receives benefits in the form of fresh milk from the cow.

2. Owns 100 chickens which are sold as sliced chickens. As many as 30 of them have been harvested and stored in the warehouse.

3. Have a mango plantation of 50 hectares with a total plant population of 100 immature trees and 200 mature trees (already bearing fruit). A mango tree will bear fruit in the 3rd year from initial planting, and thereafter will produce mangoes for the next 7 years.

Apart from these three biological assets, the Entity also owns 100 buffalo which are intended to be harvested for their meat and sold to third parties. The following are transactions that occurred throughout 2020 related to the buffalo biological assets:

Date	Transaction	Cost
1 January 2020	The cost of purchasing a calf buffalo	$ 100.000.000
30 June 2020	The cost of the buffalo flu vaccine	15.000.000
1 July 2020	Maintenance and fattening costs during semester 1	50.000.000
1 November 2020	Land rental fee for pasture. The lease is valid for the next 24 months.	24.000.000

Based on the results of an independent assessment, the value of 100 buffalo owned by the entity is worth $ 3 million per head. And based on the estimate, the cost incurred to sell the buffalo is$ 500 thousand per piece.

Instructions:

a. Explain the accounting treatment for each of the company's biological assets including the associated agricultural products! (Hint: Identify whether biological assets and related agricultural products fall )

b. Keep a journal throughout 2020 related to the entity's buffalo biological assets! (Hint: Can use the asset or expense approach)

c. If the buffalo was harvested by the entity on January 1, 2021 and sold to a third party on January 15, 2021 at a price of $. 3.5 million per person, prepare a journal related to the transaction throughout 2021!