Forester Co provided the following assets in a forest plantation and farm Freestanding trees 5,000,000 Land under trees 600,000 Roads in forest 300,000 Animals related to recreational activities 1,000,000 Bearer plants 1,500,000 Bearer animals 2,000,000 Agricultural produce on bearer plants 800,000 Agricultural produce harvested 1,200,000 Plants with dual use 1,400,000 What total amount should be reported as biological assets? What total amount should be included in PPE?

Forester Co provided the following assets in a forest plantation and farm Freestanding trees 5,000,000 Land under trees 600,000 Roads in forest 300,000 Animals related to recreational activities 1,000,000 Bearer plants 1,500,000 Bearer animals 2,000,000 Agricultural produce on bearer plants 800,000 Agricultural produce harvested 1,200,000 Plants with dual use 1,400,000 What total amount should be reported as biological assets? What total amount should be included in PPE?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 7PB: Tree Lovers Inc. purchased 2,500 acres of woodland in which it intends to harvest the complete...

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Question

Forester Co provided the following assets in a forest plantation and farm

Freestanding trees	5,000,000
Land under trees	600,000
Roads in forest	300,000
Animals related to recreational activities	1,000,000
Bearer plants	1,500,000
Bearer animals	2,000,000
Agricultural produce on bearer plants	800,000
Agricultural produce harvested	1,200,000
Plants with dual use	1,400,000

What total amount should be reported as biological assets?

What total amount should be included in PPE?

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