1. What is the carrying amount of the biological assets on December 31? а. 3,160,000 b. 2,350,000 c. 2,800,000 d. 2,380,000 What amount should be reported as gain from change in fair value attributable to price change? a. 810,000 b. 450,000 c. 360,000 d. 0. 3. What amount should be reported as gain from change in fair value attributable to physical change? а. 810,000 b. 450,000 c. 360,000 d. 700,000
1. What is the carrying amount of the biological assets on December 31? а. 3,160,000 b. 2,350,000 c. 2,800,000 d. 2,380,000 What amount should be reported as gain from change in fair value attributable to price change? a. 810,000 b. 450,000 c. 360,000 d. 0. 3. What amount should be reported as gain from change in fair value attributable to physical change? а. 810,000 b. 450,000 c. 360,000 d. 700,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
1. What is the carrying amount of the biological assets on December 31?
а. 3,160,000 b. 2,350,000 c. 2,800,000 d. 2,380,000
What amount should be reported as gain from change in fair value attributable to price change?
a. 810,000 b. 450,000 c. 360,000 d. 0.
3. What amount should be reported as gain from change in fair value attributable to physical change?
а. 810,000 b. 450,000 c. 360,000 d. 700,000
Transcribed Image Text:15 Horses
10 Dairy cattle (2
8 Carabaos
20 Hogs
(1
year old )
years old)
( 2.5 years old )
1,000,000
400,000
200,000
500,000
( 3
years old)
2,100,000
Purchases on June 30:
4 Dairy cattle (1
6 Carabaos
year old )
( 6 months old)
150,000
100,000
250,000
Fair value less cost of disposal on December 31:
15 Horses
10 Dairy cattle (2
8 Carabaos
20 Hogs
4 Dairy cattle (1
6 Carabaos
( 1
years old )
( 2.5 years old )
( 3
year old )
1,200,000
520,000
250,000
550,000
170,000
110,000
years old )
year old )
(6 months old )
2,800,000
Fair value less cost of disposal on December 31:
15 Horses
10 Dairy cattle (3
8 Carabaos
20 Hogs
4 Dairy cattle (1.5 years old )
6 Carabaos
( 2
years old)
( 3.5 years old)
( 4
1,350,000
580,000
290,000
600,000
200,000
140,000
years old)
years old)
( 1
year old )
3,160,000
were no farm animals sold during the year and neither
There
ere there any newborns nor deaths.
371
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