QUESTION 2 Green House Bhd runs a rubber tree plantation at Bukit Kayu Hitam, Kedah since year 2013. The rubber trees are grown on a 10-hectare land acquired in year 2013. The plantation process begins with the planting of rubber tree seedlings. With proper fertilization, it takes approximately seven years to grow to be a mature tree. Once the tree is matured, the latex can be harvested or tapped from the rubber tree for the next 20 years. Once the rubber tree cannot produce latex anymore, the trees will be cut down and sold as scrap. As for latex, once it is collected, it will be sold to rubber manufacturer for commercial processing. To generate additional income, the company also raised goats in the plantation farm. The goats were bought when they are 1-year old at a cost of RM200 each. The goats produced milk when they reach 3-years old. The milk will be sold to local buyer, whereas the goats will be sold away when they turn into 10-years old. The information below is related to fair value of goats at the respective dates: 4-year old goat 5-year old goat Commission cost to sell 1 January 2019 (RM) 600 each 650 each 30 each 31 December 20204 (RM) 620 each 680 each 20 each -> By 31 December 2020, the company had grown 500 immature rubber trees, 1,000 mature rubber trees, and produced 100 tons of latex during the year. The company also held 50 goats (5-year old) and produced 50 liters of milk during the year. REQUIRED: (a) Identify the types of assets and its respective basis of measurement for the following items: (i) Land (ii) - Mature rubber trees (iii) Goats' milk Briefly justify your answers. (b) Prepare journal entry related to valuation of goats held by Green House Bhd as at 31 December 2020. (c) Assume that in October 2020, Green House Bhd received a grant with amount of RM50,000 from the government through the Rubber Research Institute. The grant allows the company to utilize a new tapping technology which is claimed to be more effective in harvesting the latex. The grant is receivable upon the production of 100 kilogram latex within 3 months. By December 2020, the company managed to comply with the requirement. Discuss the accounting treatment for the grant received. Prepare the journal entry