On December 30, 2021, the Apple Kingdom Farm harvested apples with fair value of P 200,000 and an estimated cost to sell of P5,000. The apples were not recorded as biological assets while it grew on trees. At year-end, the fair value declined slightly to P190,000 while its net realizable value is P210,000. On January 1, 2020, all of the apples had been sold for P200,000, the company paid selling cost of P 1,000. What is the journal entry to record the harvested apples on December 30, 2021?
On December 30, 2021, the Apple Kingdom Farm harvested apples with fair value of P 200,000 and an estimated cost to sell of P5,000. The apples were not recorded as biological assets while it grew on trees. At year-end, the fair value declined slightly to P190,000 while its net realizable value is P210,000. On January 1, 2020, all of the apples had been sold for P200,000, the company paid selling cost of P 1,000. What is the journal entry to record the harvested apples on December 30, 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On December 30, 2021, the Apple Kingdom Farm harvested apples with fair value of P 200,000 and an estimated cost to sell of P5,000. The apples were not recorded as biological assets while it grew on trees. At year-end, the fair value declined slightly to P190,000 while its net realizable value is P210,000. On January 1, 2020, all of the apples had been sold for P200,000, the company paid selling cost of P 1,000.
What is the
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