Topic: Audit of Agriculture and Biological Assets Required: Complete Solution and explanation.

Google Company has a flock of 30, one year old animals on January 1, 2018. Thirteen animals aged 1.5 years were purchased on July 1, 2018 for P15,000 and four animals were born on October 1, 2018. No animals were sold or disposed of during the period. Fair values per unit less costs to sell for 2018 are summarized below. RSI One-year old animal at January 1, 2018 P 14,500 1.5 year old animal at July 1, 2018 15,000 Newborn animal at October 1, 2018 13,000 One-year old animal at December 31, 2018 14,600 1.5 year old animal at December 31, 2018 DIFICA 15,200 Newborn animal at December 31, 2018 13,300 Two year old animal at December 31, 2018 15,500 0.25 year old animal at December 31, 2018 13,500 On January 1, 2019, seven animals were sold at P15,200 each. These animals are part of the entity's flock on July 1, 2018. Fair values per unit less costs to sell for 2019 are summarized below. Three year old animal at December 31, 2019 17,500 1.25 year old animal at December 31, 2019 16,500 1. Determine the amount the should be presented in the non-current section of the statement of financial position of Google Company as of December 31, 2018.* 2. Using the fair values less costs to sell for 2019 of the remaining animals, as shown above, determine the net amount that should be presented in the income statement of Google Company as of December 31, 2019. *