The Company provided the following data:Value of biological asset at acquisition cost on 12/31/19, P 600,000Fair valuation surplus on initial recognition at fair value on 12/31/19 P 700,000Change in fair value to 12/31/20 due to growth and price fluctuation, P 100,000Decrease in fair value due to harvest, P 90,000What is the carrying amount of the biological asset on December 31, 2020?What is the gain from change in fair value of biological assets in 2020?

The living assets such as trees and animals etc. are known as the biological assets.

Answered: The Company provided the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

100%

The Company provided the following data:

Value of biological asset at acquisition cost on 12/31/19, P 600,000
Fair valuation surplus on initial recognition at fair value on 12/31/19 P 700,000
Change in fair value to 12/31/20 due to growth and price fluctuation, P 100,000
Decrease in fair value due to harvest, P 90,000

What is the carrying amount of the biological asset on December 31, 2020?

What is the gain from change in fair value of biological assets in 2020?

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions