On January 1, 20x1 AAA Co. has three 1-year old animal with carrying amount of P 3,000. On March 31, AAA Co. acquired two animals aged 2.25 years old, for P 2,000 each, the fair value less costs on this date. Six animals were born on October 1, 20x1. The fair value less costs to sell of the newborn animal on this date is P500. AAA Co. determined the fair value less costs to sell on December 31, 20x1: New born P 600 .25 years old 800 1 year old 1,200 2 years old 2,400 2.25 years old 3,000 3 years old 3,500 Requirements: How much is the total gain (loss) from the change in FVLCS during the period? a. 4,000 b. 9,000 c. 12,000 d. 18,000 How much is the change in FVLCS due to price change? a. 1,800 b. 2,800 c. 3,000 d. 3,200 How much is the change in FVLCS due to physical change? a. 8,800 b. 9,000 c. 9,200 d. 10,200
On January 1, 20x1 AAA Co. has three 1-year old animal with carrying amount of P 3,000. On March 31, AAA Co. acquired two animals aged 2.25 years old, for P 2,000 each, the fair value less costs on this date. Six animals were born on October 1, 20x1. The fair value less costs to sell of the newborn animal on this date is P500. AAA Co. determined the fair value less costs to sell on December 31, 20x1: New born P 600 .25 years old 800 1 year old 1,200 2 years old 2,400 2.25 years old 3,000 3 years old 3,500 Requirements: How much is the total gain (loss) from the change in FVLCS during the period? a. 4,000 b. 9,000 c. 12,000 d. 18,000 How much is the change in FVLCS due to price change? a. 1,800 b. 2,800 c. 3,000 d. 3,200 How much is the change in FVLCS due to physical change? a. 8,800 b. 9,000 c. 9,200 d. 10,200
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 77IIP
Related questions
Question
- On January 1, 20x1 AAA Co. has three 1-year old animal with carrying amount of P 3,000. On March 31, AAA Co. acquired two animals aged 2.25 years old, for P 2,000 each, the fair value less costs on this date. Six animals were born on October 1, 20x1. The fair value less costs to sell of the newborn animal on this date is P500.
AAA Co. determined the fair value less costs to sell on December 31, 20x1:
|
New born |
P 600 |
|
.25 years old |
800 |
|
1 year old |
1,200 |
|
2 years old |
2,400 |
|
2.25 years old |
3,000 |
|
3 years old |
3,500 |
Requirements:
- How much is the total gain (loss) from the change in FVLCS during the period? a. 4,000 b. 9,000 c. 12,000 d. 18,000
- How much is the change in FVLCS due to price change? a. 1,800 b. 2,800 c. 3,000 d. 3,200
- How much is the change in FVLCS due to physical change? a. 8,800 b. 9,000 c. 9,200 d. 10,200
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