F4 Co. on adoption of PAS 41 has reclassified certain assets as biological assets. The total value of the forest assets is P6,000,000 which is comprised of: Freestanding trees P5,100,000 Land under trees P600,000 Roads in forests P300,000 In F4 Co.’s statement of financial position, how much of the forests would be classified as biological assets

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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F4 Co. on adoption of PAS 41 has reclassified certain assets as biological assets. The total value of the forest assets is P6,000,000 which is comprised of: Freestanding trees P5,100,000 Land under trees P600,000 Roads in forests P300,000 In F4 Co.’s statement of financial position, how much of the forests would be classified as biological assets

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