The following information is made available by Ye Farmlands, of its dairy livestock: Carrying amount, January 1, 2020, 450,000 FV less point of sale costs of livestock purchased during the period, 250,000 İncrease in FV less estimated point of sale cost attributable to physical changes, 220,000 Increase in FV less estimated point of sale costs attributable to price change, 64,000 Total selling price less point of sale costs of livestock sold during the period, 290,000 At what amount should biological assets be carried on the statement of financial position at December 31, 2020?

The following information is made available by Ye Farmlands, of its dairy livestock: Carrying amount, January 1, 2020, 450,000 FV less point of sale costs of livestock purchased during the period, 250,000 İncrease in FV less estimated point of sale cost attributable to physical changes, 220,000 Increase in FV less estimated point of sale costs attributable to price change, 64,000 Total selling price less point of sale costs of livestock sold during the period, 290,000 At what amount should biological assets be carried on the statement of financial position at December 31, 2020?

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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