HYACINTH Company's standing sugar cane fair value as of January 1, 2020 was ₱2,700,000 and as of December 31, 2020 was ₱2,800,000. The biological asset has a life span of less than a year and has no dual purpose. The selling price of the agricultural produce harvested during the period was ₱2,100,000, on the respective dates of harvest. The estimated cost to sell is ₱100,000. What net amount of gain should HYACINTH report in its December 31, 2020 profit or loss related to the biological asset and agricultural produce?
HYACINTH Company's standing sugar cane fair value as of January 1, 2020 was ₱2,700,000 and as of December 31, 2020 was ₱2,800,000. The biological asset has a life span of less than a year and has no dual purpose. The selling price of the agricultural produce harvested during the period was ₱2,100,000, on the respective dates of harvest. The estimated cost to sell is ₱100,000. What net amount of gain should HYACINTH report in its December 31, 2020 profit or loss related to the biological asset and agricultural produce?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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HYACINTH Company's standing sugar cane fair value as of January 1, 2020 was ₱2,700,000 and as of December 31, 2020 was ₱2,800,000. The biological asset has a life span of less than a year and has no dual purpose. The selling price of the agricultural produce harvested during the period was ₱2,100,000, on the respective dates of harvest. The estimated cost to sell is ₱100,000. What net amount of gain should HYACINTH report in its December 31, 2020 profit or loss related to the biological asset and agricultural produce?
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