Marko Corporation has several assets for classification as biological assets. After reviewing the data gathered shown in the image, how much should Marko report as net gain from change in fair value of biological assets for the quarter? Cows and sheepCocoa treesCocoa pods kept in storage for the whole periodCost300,000400,000 Carrying Value, April 1, 2020800,000900,000200,000Increase or (decrease) in value from price change(40,000)(50,000)20,000Increase or (decrease) in value from physical change100,000180,00050,000

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Answered: Marko Corporation has several assets…

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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Marko Corporation has several assets for classification as biological assets. After reviewing the data gathered shown in the image, how much should Marko report as net gain from change in fair value of biological assets for the quarter?

	Cows and sheep	Cocoa trees	Cocoa pods kept in storage for the whole period
Cost	300,000	400,000
Carrying Value, April 1, 2020	800,000	900,000	200,000
Increase or (decrease) in value from price change	(40,000)	(50,000)	20,000
Increase or (decrease) in value from physical change	100,000	180,000	50,000

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