PROBLEMS Problem 13-1 (IFRS) Forester Company provided the following assets in a fore plantation and farm: Freestanding trees Land under trees Roads in forest Animals related to recreational activities Bearer plants Bearer animals 5,000,000 600,000 300,000 1,000,000 1,500,000 2,000,000 800,000 1,200,000 1,400,000 Agricultural produce growing on bearer plants Agricultural produce harvested Plant with dual use 1. What total amount should be reported as biological assets? a. 7,800,000 b. 7,200,000 c. 8,400,000 d. 9,200,000 2. What total amount should be included in property, plant and equipment? a. 4,600,000 b. 3,400,000 c. 1,800,000 d. 4,200,000

PROBLEMS Problem 13-1 (IFRS) Forester Company provided the following assets in a fore plantation and farm: Freestanding trees Land under trees Roads in forest Animals related to recreational activities Bearer plants Bearer animals 5,000,000 600,000 300,000 1,000,000 1,500,000 2,000,000 800,000 1,200,000 1,400,000 Agricultural produce growing on bearer plants Agricultural produce harvested Plant with dual use 1. What total amount should be reported as biological assets? a. 7,800,000 b. 7,200,000 c. 8,400,000 d. 9,200,000 2. What total amount should be included in property, plant and equipment? a. 4,600,000 b. 3,400,000 c. 1,800,000 d. 4,200,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 25CE: Cost of Intangible Assets Advanced Technological Devices Inc. acquired a patent for $91,500. It...

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ABC Company provided the following information about assets in forest plantation: Freestanding trees 5,000,000 900,000 500,000 2,000,000 1,500,000 Land under trees Roads in forest Animals related to recreational activities Rubber trees and grape vines What amount should be reported as biological assets?
F4 Co. on adoption of PAS 41 has reclassified certain assets as biological assets. The total value of the forest assets is P6,000,000 which is comprised of: Freestanding trees P5,100,000 Land under trees P600,000 Roads in forests P300,000 In F4 Co.’s statement of financial position, how much of the forests would be classified as biological assets
Forester Co provided the following assets in a forest plantation and farm Freestanding trees 5,000,000 Land under trees 600,000 Roads in forest 300,000 Animals related to recreational activities 1,000,000 Bearer plants 1,500,000 Bearer animals 2,000,000 Agricultural produce on bearer plants 800,000 Agricultural produce harvested 1,200,000 Plants with dual use 1,400,000 What total amount should be reported as biological assets? What total amount should be included in PPE?
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1. PAS 41 Agriculture is applicable to which of the following? a. Agricultural produce after the point of harvest b. Bearer plants related to agricultural activity c. Living animals related to agricultural activity d. Unconditional government grants related to biological assets measured at cost 2. Which of the following standard is most likely applicable to agricultural produce after the point of harvest? a. PAS 41 Agriculture c. PAS 2 Inventories b. PAS 16 Property, Plant and equipment d. Any of these 3. PAS 41 is applicable to which of the following items? a. Land used for farming b. Agricultural produce after point of harvest c. Unconditional government grants related to bearer plants d. Unconditional government grant related to consumable living animals measured at fair value costs to sell. 4. Which of the following is considered as a biological asset under PAS 41? a. Carcass c. Pig b. Ham…
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80% ... https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker3D&ta geNOWv2 | Assi. QuickBooks Login eBook Amortization and depletion entries Instructions Chart of Accounts First questions Journal Instructions Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: a. Timber rights on a tract of land were purchased for $1,600,000 on February 22. The stand of timber is estimated at 5,000,000 board feet. During the current year, 1,100,000 board feet of timber were cut and sold. b. On December 31, the company determined that $3,750,000 of goodwill was impaired. C. Governmental and legal costs of $6,600,000 were incurred on April3 in obtaining a patent with an estimated economic life of 12 years Amortization is to be for three-fourths of a year Required: 1. Determine the amount of the amortization, depietion, or impairment for the current year for each of the foregoing items 2. Journalize the…
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