On January 1, 2022. Plantitos Company purchased a vineyard costing P 12.000,000 which is determined to produce fruit for a period of 5 years. During the year, Plantitos harvested grapes with a fair value less cost to dispose of P 4,000,000. By the end of 2021, it sold the grapes for P 7.000,000. What amount should be reported as gross profit from sales? O P4,000,000 O P3.500,000 O P3.000,000 OP7.000.000

On January 1, 2022. Plantitos Company purchased a vineyard costing P 12.000,000 which is determined to produce fruit for a period of 5 years. During the year, Plantitos harvested grapes with a fair value less cost to dispose of P 4,000,000. By the end of 2021, it sold the grapes for P 7.000,000. What amount should be reported as gross profit from sales? O P4,000,000 O P3.500,000 O P3.000,000 OP7.000.000

Name: On January 1, 2022, Plantitos Company purchased a vineyard costing P
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Description: On January 1, 2022, Plantitos Company purchased a vineyard costing P 12,000,000 which is determined toproduce fruit for a period of 5 years. During the year, Plantitos harvested grapes with a fair value less cost todispose of P 4,000,000. By the end

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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