1. Mr. Klaus Company has a herd of 10 2-year old animals on January 1, 2018. One animal aged 2.5years was purchased on July 1, 2018 for P108, and one animal was born on July 1, 2018. No animalswere sold or disposed of during the year. The fair value less cost to sell per unit as follows:2- year old animal on January 11001082.5 - year old animal on July 1New born animal on July 12-year old animal on December 312.5 - year old animal on December 3170105111New born animal on December 31723- year old animal on December 311200.5 – year old animal on December 3180What is the fair value of the biological assets on December 31, 2018?

1. Mr. Klaus Company has a herd of 10 2-year old animals on January 1, 2018. One animal aged 2.5 years was purchased on July 1, 2018 for P108, and one animal was born on July 1, 2018. No animals were sold or disposed of during the year. The fair value less cost to sell per unit as follows: 2- year old animal on January 1 100 2.5 - year old animal on July 1 108 New born animal on July 1 2-year old animal on December 31 2.5 - year old animal on December 31 70 105 111 New born animal on December 31 72 3- year old animal on December 31 120 0.5 - year old animal on December 31 80 What is the fair value of the biological assets on December 31, 2018?

1. Mr. Klaus Company has a herd of 10 2-year old animals on January 1, 2018. One animal aged 2.5 years was purchased on July 1, 2018 for P108, and one animal was born on July 1, 2018. No animals were sold or disposed of during the year. The fair value less cost to sell per unit as follows: 2- year old animal on January 1 100 2.5 - year old animal on July 1 108 New born animal on July 1 2-year old animal on December 31 2.5 - year old animal on December 31 70 105 111 New born animal on December 31 72 3- year old animal on December 31 120 0.5 - year old animal on December 31 80 What is the fair value of the biological assets on December 31, 2018?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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