B-Meg Farms is engaged in raising dairy livestock. Informationregarding its activities of its dairy livestock is found below:Carrying value at January 1, 2021P10,000,000FV less cost to sell of biological assets purchased4,000,000Gain arising from change in fair value less costto sell attributable to price change800,000Gain arising from change in fair value less costto sell attributable to physical change1,500,000Decrease due to sales2,000,000Decrease due to harvest500,000What is the carrying amount of B-Meg's biological assets onDecember 31, 2021 statement of financial position?а.P13,800,000b.P14,300,000с.P15,800,000d.P16,300,000

Carrying value refers to the initial cost of an asset which is depicted on the balance sheet of the…

B-Meg Farms is engaged in raising dairy livestock. Information regarding its activities of its dairy livestock is found below: Carrying value at January 1, 2021 P10,000,000 FV less cost to sell of biological assets purchased 4,000,000 Gain arising from change in fair value less cost to sell attributable to price change 800,000

B-Meg Farms is engaged in raising dairy livestock. Information regarding its activities of its dairy livestock is found below: Carrying value at January 1, 2021 P10,000,000 FV less cost to sell of biological assets purchased 4,000,000 Gain arising from change in fair value less cost to sell attributable to price change 800,000

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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