SISI 16.4KB/SA 36% 7:34 Biologica...ember-19 Problem 17-8 (IFRS) Fernand Company produces milk on ita far. The entity produces 20 of the community's milk that is comme Farmland Company form and has achof 2,100 W und 1000 The forma program will ear and the on December 2014 dhe ky is currently holding 50.000 kilograma of milk in powder Os December 31, 2014, the biological Puhely1.14 3.100 Purchado January 2014 Grb der Puchadon July 1, 2014 01. Na animals were bere old during the current year. The wait fair value les con el disposal e as January 2014 1 year July 2014 yold yer old 400 The tiny has had problems during the year. Contaminated wik w weld to cu As a result, i comption down. The entity's brain spread over different parte There are 60 cows and 200 hellers in the Batangas fermo all these animale had been purchased on January 1, 2014 Required: 1. Determine the fair value of the biological assets on January 1, 2014 2. Determine the fair value of the biological assets purchased on July 1, 2014 3. Determine the fair value of the biological assets on December 31, 2014 4. Determine the change in fair value and indicate the price change and physical change. 5. Explain the measurement of the milk inventory on December 31, 2014. SISI 16.4KB/SA 36% 7:34 Biologica...ember-19 Problem 17-8 (IFRS) Fernand Company produces milk on ita far. The entity produces 20 of the community's milk that is comme Farmland Company form and has achof 2,100 W und 1000 The forma program will ear and the on December 2014 dhe ky is currently holding 50.000 kilograma of milk in powder Os December 31, 2014, the biological Puhely1.14 3.100 Purchado January 2014 Grb der Puchadon July 1, 2014 01. Na animals were bere old during the current year. The wait fair value les con el disposal e as January 2014 1 year July 2014 yold yer old 400 The tiny has had problems during the year. Contaminated wik w weld to cu As a result, i comption down. The entity's brain spread over different parte There are 60 cows and 200 hellers in the Batangas fermo all these animale had been purchased on January 1, 2014 Required: 1. Determine the fair value of the biological assets on January 1, 2014 2. Determine the fair value of the biological assets purchased on July 1, 2014 3. Determine the fair value of the biological assets on December 31, 2014 4. Determine the change in fair value and indicate the price change and physical change. 5. Explain the measurement of the milk inventory on December 31, 2014