Salve Co is engaged in raising dairy livestock. The entity provided the following information during the current year:Carrying Amount - Beginning5,000,000Increase due to purchase2,000,000Gain arising from change in FV1,000,000Decrease due to sales850,000Decrease due to harvest200,000What is the carrying amount of the biological asset at year-end?

As per IAs 41 Agriculture, A biological asset is to be measured at fair value less cost to sell…

Answered: Salve Co is engaged in raising dairy…

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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Salve Co is engaged in raising dairy livestock. The entity provided the following information during the current year:

Carrying Amount - Beginning	5,000,000
Increase due to purchase	2,000,000
Gain arising from change in FV	1,000,000
Decrease due to sales	850,000
Decrease due to harvest	200,000

What is the carrying amount of the biological asset at year-end?

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