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2.5-year-old animal on July 1 ÆDI 3-year-old animal on July 1 CITY On January 1, 2018, the biological assets of Google Company consists of eleven 2-year-old animals with fair value less cost to sell of P10,000 each for a total of P110,000. Transactions during the year include the following: One animal aged 2.5 years was purchased on July 1, 2018 for P10,600; and one animal was born on July 1, 2018. No animals were sold or disposed of during the period. Per unit fair values less cost to sell are as follows: New-born animal on July 1 2-year-old animal on July 1 2.5-year-old animal on July 1 3-year-old animal on July 1 New-born animal on December 31 7,000 10,300 10,600 13,000 7,200 8,000 10,500 11,100 12,000 0.5-year-old animal on December 31 2-year-old animal on December 31 2.5-year-old animal on December 31 3-year-old animal on December 31

2.5-year-old animal on July 1 ÆDI 3-year-old animal on July 1 CITY On January 1, 2018, the biological assets of Google Company consists of eleven 2-year-old animals with fair value less cost to sell of P10,000 each for a total of P110,000. Transactions during the year include the following: One animal aged 2.5 years was purchased on July 1, 2018 for P10,600; and one animal was born on July 1, 2018. No animals were sold or disposed of during the period. Per unit fair values less cost to sell are as follows: New-born animal on July 1 2-year-old animal on July 1 2.5-year-old animal on July 1 3-year-old animal on July 1 New-born animal on December 31 7,000 10,300 10,600 13,000 7,200 8,000 10,500 11,100 12,000 0.5-year-old animal on December 31 2-year-old animal on December 31 2.5-year-old animal on December 31 3-year-old animal on December 31

FINANCIAL ACCOUNTING
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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1. What is the fair value of the biological assets on December 31, 2018? *
140,000
144,000
152,000
160,000
None of the choices
 
2. What is the gain from change in fair value of the biological assets due to price change in 2018? *
5,500
5,800
6,000
6,200
None of the choices
On January 1, 2018, the biological assets of Google Company consists of eleven 2-year-old animals with fair value less cost to sell of P10,000 each for a total of P110,000. Transactions during the year include the following: One animal aged 2.5 years was purchased on July 1, 2018 for P10,600; and one animal was born on July 1, 2018. No animals were sold or disposed of during the period. Per unit fair values less cost to sell are as follows: New-born animal on July 1 2-year-old animal on July 1 2.5-year-old animal on July 1 ITY 7,000 10,300 10,600 13,000 7,200 8,000 10,500 11,100 12,000 3-year-old animal on July 1KT New-born animal on December 31 0.5-year-old animal on December 31 2-year-old animal on December 31 2.5-year-old animal on December 31 3-year-old animal on December 31
Transcribed Image Text:On January 1, 2018, the biological assets of Google Company consists of eleven 2-year-old animals with fair value less cost to sell of P10,000 each for a total of P110,000. Transactions during the year include the following: One animal aged 2.5 years was purchased on July 1, 2018 for P10,600; and one animal was born on July 1, 2018. No animals were sold or disposed of during the period. Per unit fair values less cost to sell are as follows: New-born animal on July 1 2-year-old animal on July 1 2.5-year-old animal on July 1 ITY 7,000 10,300 10,600 13,000 7,200 8,000 10,500 11,100 12,000 3-year-old animal on July 1KT New-born animal on December 31 0.5-year-old animal on December 31 2-year-old animal on December 31 2.5-year-old animal on December 31 3-year-old animal on December 31
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