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These are items #2&3, thank you On January 2, 2020 the government granted and transferred a land to Jaguar Company for a nominal consideration of
These are items #2&3, thank you
On January 2, 2020 the government granted and transferred a land to Jaguar Company for a nominal consideration of P10,000.Themarketvalueofthelandonthisdate P10,000,000. The condition attachedto the grant was Jaguar Company shall clean up the water pollution in the river for 10 years. Question 1: If Jaguar Company elects to measure the land at the nominal value, what amount of deferredincome that should be recognized on January 2, 2020? a. none c. P b. P10,000 Question 2: If Jaguar Company elects to measure the land at its fair value, what amount of deferredincome should Jaguar Company recognize on January 2, 2020? a. None b. P10,000 c. 9,990,000 d. P010,000,00 8. Sulfur Company has the following information pertaining to its biological assets: A herd of 100, 2-year-old animals was held at January 1, 2021. Ten animals aged 2.5 years were purchased on July 1,2021 for P5,400, and ten animals were born on July 1 , 2021. No animals were sold or disposed ofduring the period. Per unit estimated fair values less cost to sell were as follows: Q1: How much is the increase in the fair value of the biological assets due to price change? a. none c. 26,500 b. 25,000 d. 27,500 Q2: How much is the increase in the fair value of the biological assets due to physical change?a. 75,000 c. 110,000 b. 79,500Step by Step Solution
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