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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
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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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 Gain arising from change in fair value less cost to sell attributable to physical change 1,500,000 Decrease due to sales 2,000,000 Decrease due to harvest 500,000 What is the carrying amount of B-Meg's biological assets on December 31, 2021 statement of financial position? а. P13,800,000 b. P14,300,000 с. P15,800,000 d. P16,300,000
Transcribed Image Text: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 Gain arising from change in fair value less cost to sell attributable to physical change 1,500,000 Decrease due to sales 2,000,000 Decrease due to harvest 500,000 What is the carrying amount of B-Meg's biological assets on December 31, 2021 statement of financial position? а. P13,800,000 b. P14,300,000 с. P15,800,000 d. P16,300,000
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