Wells and Family Ltd operates a duck farm on the outskirts of Melbourne. At the commencement of the 2021/22 financial year the following ducks were owned:
Mature ducks with a fair value of $55,000
One-month-old ducklings with a fair value of $4,000
The following events occurred during the course of the 2021/22 financial year:
$10,000 was spent on food and water for the ducks;
All of the mature ducks were harvested (humanely) on 1 March 2022. At the point of harvest, the fair value of the harvested ducks was $142,000. The cost to harvest the ducks was $6,000 and the estimated selling costs were zero.
Half of the duck meat was sold to customers on 4 March 2022 for $94,000. The other half of the duck meat was processed into duck burgers on 10 March at a cost of $9,000. All the burgers were sold to customers on 15 March 2022 for $170.000
On 30 June 2022, the firm purchased 100 one-month-old ducklings for $7.000.
At the end of the 2022 financial year, the ducklings owned at the start of the financial year had matured and had an estimated fair value of $85,000.
Required
Provide all necessary entries to record the above events during the 2021/22 financial year.