AJUMA Farms operates a farm with various plants and a herd of animals. On January 1, 2021, it had ten (10) 1-year old animals and five (5) 2-year-old animals. On July 1, two animals were born. On December 31, 2021, three (3) 2-year-old animals were sold. Fair value less cost of disposal per unit are shown below: 1-year old animal on January 1 1-year old animal on December 31 2-year-old animal on January 1 2-year-old animal on December 31 3-year-old animal on December 31 New born animal on July 1 500 600 650 800 950 300 New born animal on December 31 350 0.5-year-old animal on December 31 400
AJUMA Farms operates a farm with various plants and a herd of animals. On January 1, 2021, it had ten (10) 1-year old animals and five (5) 2-year-old animals. On July 1, two animals were born. On December 31, 2021, three (3) 2-year-old animals were sold. Fair value less cost of disposal per unit are shown below: 1-year old animal on January 1 1-year old animal on December 31 2-year-old animal on January 1 2-year-old animal on December 31 3-year-old animal on December 31 New born animal on July 1 500 600 650 800 950 300 New born animal on December 31 350 0.5-year-old animal on December 31 400
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
What is the fair value of the biological assets on December 31, 2021?
![AJUMA Farms operates a farm with various plants
and a herd of animals. On January 1, 2021, it had ten
(10) 1-year old animals and five (5) 2-year-old
animals. On July 1, two animals were born. On
December 31, 2021, three (3) 2-year-old animals
were sold. Fair value less cost of disposal per unit are
shown below:
1-year old animal on January 1
1-year old animal on December 31
2-year-old animal on January 1
2-year-old animal on December 31
3-year-old animal on December 31
New born animal on July 1
500
600
650
800
950
300
New born animal on December 31
350
0.5-year-old animal on December 31
400](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F925dba2e-5496-4bec-824d-e314c61db5bd%2F1dabd90e-17ec-4c8e-b324-10b26aac5a68%2F79odffx_processed.jpeg&w=3840&q=75)
Transcribed Image Text:AJUMA Farms operates a farm with various plants
and a herd of animals. On January 1, 2021, it had ten
(10) 1-year old animals and five (5) 2-year-old
animals. On July 1, two animals were born. On
December 31, 2021, three (3) 2-year-old animals
were sold. Fair value less cost of disposal per unit are
shown below:
1-year old animal on January 1
1-year old animal on December 31
2-year-old animal on January 1
2-year-old animal on December 31
3-year-old animal on December 31
New born animal on July 1
500
600
650
800
950
300
New born animal on December 31
350
0.5-year-old animal on December 31
400
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education