On January 1, 2021, ABC Co. has one, 1-year old, animal with carrying amount of P1.000. On March 31, ABC Co. acquired another animal, aged 2.25 years old. for P2,000, the fair value less costs of the animal on this date, One animal was born on October 1, 2021. The fair value less costs to sell of the newborn animal on this date 15 P500. ABC Co. determined the following fair values less costs to sell on December 31, 2021: New born P600 .25 year old P800 1 year old 2 year old 2.25 year old P1,200 P2,400 P3,000 P3,500 3 years old quirement: compute for the following: a. Total gain (loss) from the change in FVLCS during the period . Change in FVLCS due to price change Change in FVLCS due to physical change

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On January 1.2021. ABC Co. has one, 1-year old, animal with carrying amount of
P1.000. On March 31, ABC Co. acquired another animal, aged 2.25 years old. for
P2,000, the fair value less costs of the animal on this date. One animal was born on
October 1, 2021. The fair value less costs to sell of the newborn animal on this date is
P500.
ABC Co. determined the following fair values less costs to sell on December 31, 2021:
New born
P600
.25 year old
P800
1 year old
2 year old
2.25 year old
P1,200
P2,400
P3,000
P3,500
3 years old
Requirement: compute for the following:
a. Total gain (loss) from the change in FVLCS during the period
b. Change in FVLCS due to price change
c. Change in FVLCS due to physical change
Transcribed Image Text:On January 1.2021. ABC Co. has one, 1-year old, animal with carrying amount of P1.000. On March 31, ABC Co. acquired another animal, aged 2.25 years old. for P2,000, the fair value less costs of the animal on this date. One animal was born on October 1, 2021. The fair value less costs to sell of the newborn animal on this date is P500. ABC Co. determined the following fair values less costs to sell on December 31, 2021: New born P600 .25 year old P800 1 year old 2 year old 2.25 year old P1,200 P2,400 P3,000 P3,500 3 years old Requirement: compute for the following: a. Total gain (loss) from the change in FVLCS during the period b. Change in FVLCS due to price change c. Change in FVLCS due to physical change
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