Question 17 TOPIC 8 - AGRICULTURE Not yet answered Marked out of 3.00 P Flag question At 1 January 20X4, Broadacre Ltd had a strawberry plantation with a fair value of $195816. The plantation is intended to be used for more than 1 period, solely for the purpose of growing strawberries. The company has no intention to sell the plantation beyond incidental scrap sales. Between April and September 20X4, a total of $1175 was spent on fertiliser treatments. During November 20X4, 119 kg of strawberries were harvested at a cost of $7857. The net market value of the strawberries harvested was $25867 and the estimated selling costs were $6638. By 31 December 20X4, 91% of the harvested strawberries had been sold for $54713 and selling costs of $3852 has been incurred. At 31 December 20X4, the fair value of Broadacre Ltd's plantation was $222669. Broadacre Ltd has a December 31 financial year end, and it adopts fair value as the accounting policy for their property, plant and equipment assets. On the basis that the fair value of the harvested strawberries at 31 December 20X4 remains unchanged since harvesting, calculate the net profit/(loss) for the year. PLEASE ENTER YOUR ANSWER IN WHOLE NUMBERS WITH NO COMMAS OR DOLLAR SIGNS (EG $1,000,000 SHOULD BE SHOWN AS 1000000). IF YOU CALCULATE A LOSS PLEASE SHOW THE NUMBER WITH A "-" SIGN (EG "-1000" FOR A LOSS OF $1,000)