11. The following information pertains to Nonagon Company's biological assets at December 31, 2021:Price of assets in an active market , P 5,000,000 Estimated broker's and dealer's commissions, P 50,000 Transport and other costs expected to be incurred to bring the assets to the market, P 40,000 Selling price in a binding sale agreement, P 5,100,000At what amount should the biological assets be presented on the statement of financial position?

Statement of financial position or balance sheet is an important statement which helps stakeholders…

Answered: 11. The following information pertains…

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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11. The following information pertains to Nonagon Company's biological assets at December 31, 2021:

Price of assets in an active market , P 5,000,000
Estimated broker's and dealer's commissions, P 50,000
Transport and other costs expected to be incurred to bring the assets to the market, P 40,000
Selling price in a binding sale agreement, P 5,100,000

At what amount should the biological assets be presented on the statement of financial position?

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