As of January 1, Company A has a stock of 1,250 2 year-old cows and 850 1 year-old heifers. The Company purchased 300 1-year old heifers on July 1 for P154. In addition, 50 heifers were born on July 1. The following fair value less costs to sell are provided: 1 y/o heifers, January 1 300 2 y/o cows, January 1 224 New born heifers, July 1 146 1 y/o heifers, July 1 154 New born heifers, Dec 31 136 6-month old heifers, Dec 31 135 1 y/o heifers, Dec 31 150 1.5 y/o heifers, Dec 31 164 2 y/o heifers, Dec 31 173 2 y/o cows, Dec 31 219 3 y/o cows, Dec 31 233 Determine net loss in fair value of the biological assets during the year.
As of January 1, Company A has a stock of 1,250 2 year-old cows and 850 1 year-old heifers. The Company purchased 300 1-year old heifers on July 1 for P154. In addition, 50 heifers were born on July 1. The following fair value less costs to sell are provided: 1 y/o heifers, January 1 300 2 y/o cows, January 1 224 New born heifers, July 1 146 1 y/o heifers, July 1 154 New born heifers, Dec 31 136 6-month old heifers, Dec 31 135 1 y/o heifers, Dec 31 150 1.5 y/o heifers, Dec 31 164 2 y/o heifers, Dec 31 173 2 y/o cows, Dec 31 219 3 y/o cows, Dec 31 233 Determine net loss in fair value of the biological assets during the year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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As of January 1, Company A has a stock of 1,250 2 year-old cows and 850 1 year-old heifers.
The Company purchased 300 1-year old heifers on July 1 for P154. In addition, 50 heifers were born on July 1.
The following fair value less costs to sell are provided:
| 1 y/o heifers, January 1 | 300 |
| 2 y/o cows, January 1 | 224 |
| New born heifers, July 1 | 146 |
| 1 y/o heifers, July 1 | 154 |
| New born heifers, Dec 31 | 136 |
| 6-month old heifers, Dec 31 | 135 |
| 1 y/o heifers, Dec 31 | 150 |
| 1.5 y/o heifers, Dec 31 | 164 |
| 2 y/o heifers, Dec 31 | 173 |
| 2 y/o cows, Dec 31 | 219 |
| 3 y/o cows, Dec 31 | 233 |
Determine net loss in fair value of the biological assets during the year.
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