2-year old animals.a herd of 102-year2.5- yearold animal on January 1old animal on July 12- year old animal on December 3125-year old animal on December 31Newborn animal on December 313- year old animal on December 310.5- year old animal on December 311001087010511172120801. What amount should be reported as fair value of thebiological assets on December 31?а. 1,400b. 1,320c. 1,440d. 1,3602. What amount of gain from change in fair value ofbiological assets should be recognized in the currentyear?a. 222b. 292с. 300d. 332What amount should be recognized as gain frombiological assets attributable to price change?a. 292b. 222c. 237d.55369

Biological assets are those assets which is any living animal or the plant owned through the…

Answered: the imals were sold or disposed of…

Business

Accounting

the imals were sold or disposed of during the year.

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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Question

2-year old animals.
a herd of 10
2-year
2.5- year
old animal on January 1
old animal on July 1
2- year old animal on December 31
25-year old animal on December 31
Newborn animal on December 31
3- year old animal on December 31
0.5- year old animal on December 31
100
108
70
105
111
72
120
80
1. What amount should be reported as fair value of the
biological assets on December 31?
а. 1,400
b. 1,320
c. 1,440
d. 1,360
2. What amount of gain from change in fair value of
biological assets should be recognized in the current
year?
a. 222
b. 292
с. 300
d. 332
What amount should be recognized as gain from
biological assets attributable to price change?
a. 292
b. 222
c. 237
d.
55
369

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