Jessa Company has several assets for classification as biological assets. After assessing the information shown below, how much should Jessa Company report as net gain from change in fair value of biological assets for the quarter? Cows and sheepСосoа pods kеpt instorage for thewhole periodCoconut trees$ 300,000800,000$ 400,000900,000CostCarrying Value asof April 1$200,000Increase or(40,000)(50,000)20,000decrease in valuefrom price changeIncrease or100,000180,00050,000decrease in valuefrom physicalchange

Given: J company follows the several assets that in classifying the biological assets. To determine…

Jessa Company has several assets for classification as biological assets. After assessing the information shown below, how much should Jessa Company report as net gain from change in fair value of biological assets for the quarter?

Jessa Company has several assets for classification as biological assets. After assessing the information shown below, how much should Jessa Company report as net gain from change in fair value of biological assets for the quarter?

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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Question

Cows and sheep
Сосoа pods kеpt in
storage for the
whole period
Coconut trees
$ 300,000
800,000
$ 400,000
900,000
Cost
Carrying Value as
of April 1
$200,000
Increase or
(40,000)
(50,000)
20,000
decrease in value
from price change
Increase or
100,000
180,000
50,000
decrease in value
from physical
change

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