Life Goes On, Inc. owned the following assets in their forest plantation farm used for agricultural activity: • Freestanding trees- 5,000,000 • Small nipa huts- P2,000,000 • Land- P600,000 • Bearer animals- P2,000,000 • Bearer plant (10% of value from agricultural produce; 90% for the tree)- P5,000,000 • Caged animals as entertainment for incoming visitors- P9,000,000 Which of the following assets above shall be covered by PAS 41 – Agriculture? A. 21,000,00 B. 12,000,000 C. P7,500,000 D. P16,500,00
Life Goes On, Inc. owned the following assets in their forest plantation farm used for agricultural activity: • Freestanding trees- 5,000,000 • Small nipa huts- P2,000,000 • Land- P600,000 • Bearer animals- P2,000,000 • Bearer plant (10% of value from agricultural produce; 90% for the tree)- P5,000,000 • Caged animals as entertainment for incoming visitors- P9,000,000 Which of the following assets above shall be covered by PAS 41 – Agriculture? A. 21,000,00 B. 12,000,000 C. P7,500,000 D. P16,500,00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Life Goes On, Inc. owned the following assets in their forest plantation farm used for agricultural activity: • Freestanding trees- 5,000,000 • Small nipa huts- P2,000,000 • Land- P600,000 • Bearer animals- P2,000,000 • Bearer plant (10% of value from agricultural produce; 90% for the tree)- P5,000,000 • Caged animals as entertainment for incoming visitors- P9,000,000 Which of the following assets above shall be covered by PAS 41 – Agriculture?
A. 21,000,00
B. 12,000,000
C. P7,500,000
D. P16,500,00
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education