5. Determine the total gain from change in fair value as of December 31, 2019. *626,400831,6001,004,4001,080,000None of the choices During 2019, you were asked to audit the goat farm operations of Google Company. Thebusiness owns and operates a goat farm that qualifies to be accounted for as Agricultureunder PAS 41. On December 31, 2019, the biological assets are:RSPurchased before January 1, 2019Purchased on January 1, 2019Purchased on July 1, 20193 years old 1,260 goats2 years old1.5 years old180 kids450 kidsThere were no other transactions during the year concerning the biological assets. Noanimals were born during the year and no animals were sold during the year. Given beloware the dates regarding the selling price and costs to sell of the biological assets.January 1, 2019:1 year old2 years oldJuly 1, 2019:Selling PriceBAGUIP 1,900Cost to SellP1002,480801 year oldDecember 31, 2019:1 year old2 years old1.5 years old1,850502,000802,8002,200100403 years old3,500500

The fair value of the biological asset is determined as the selling price minus the cost to sell.

During 2019, you were asked to audit the goat farm operations of Google Company. The business owns and operates a goat farm that qualifies to be accounted for as Agriculture under PAS 41. On December 31, 2019, the biological assets are: Purchased before January 1, 2019 Purchased on January 1, 2019 Purchased on July 1, 2019 3 years old 2 years old 1.5 years old 1,260 goats 180 kids 450 kids There were no other transactions during the year concerning the biological assets. No animals were born during the year and no animals were sold during the year. Given below are the dates regarding the selling price and costs to sell of the biological assets. TIA January 1, 2019: 1 year old 2 years old July 1, 2019: 1 year old December 31, 2019: 1 year old 2 years old 1.5 years old 3 years old Selling Price BAGUIP 1,900 Cost to Sell P100 2,480 80 1,850 50 2,000 80 2,800 2,200 100 40 3,500 500 RS

During 2019, you were asked to audit the goat farm operations of Google Company. The business owns and operates a goat farm that qualifies to be accounted for as Agriculture under PAS 41. On December 31, 2019, the biological assets are: Purchased before January 1, 2019 Purchased on January 1, 2019 Purchased on July 1, 2019 3 years old 2 years old 1.5 years old 1,260 goats 180 kids 450 kids There were no other transactions during the year concerning the biological assets. No animals were born during the year and no animals were sold during the year. Given below are the dates regarding the selling price and costs to sell of the biological assets. TIA January 1, 2019: 1 year old 2 years old July 1, 2019: 1 year old December 31, 2019: 1 year old 2 years old 1.5 years old 3 years old Selling Price BAGUIP 1,900 Cost to Sell P100 2,480 80 1,850 50 2,000 80 2,800 2,200 100 40 3,500 500 RS

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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