Use the following information for the next three questions: ABC Co. has three, 1-year old, animals with total carrying amount of P3,000 on January 1, 20x1. On March 31, ABC Co. acquired two animals, aged 2.25 years old each, for P2,000 each, the fair value less costs of the animals on this date. Six animals were born on October 1, 20x1. The fair value less costs to sell of a newborn animal on this date is P500. ABC Co. determined the following fair values less costs to sell on December 31, 20x1: New born..... P600 25 year old.... 1 year old 2 years old.... 2.25 years old... 3 years old... .P 800 1 ..P1,200 .P2,400 P3,000 ..P3,500

Use the following information for the next three questions: ABC Co. has three, 1-year old, animals with total carrying amount of P3,000 on January 1, 20x1. On March 31, ABC Co. acquired two animals, aged 2.25 years old each, for P2,000 each, the fair value less costs of the animals on this date. Six animals were born on October 1, 20x1. The fair value less costs to sell of a newborn animal on this date is P500. ABC Co. determined the following fair values less costs to sell on December 31, 20x1: New born..... P600 25 year old.... 1 year old 2 years old.... 2.25 years old... 3 years old... .P 800 1 ..P1,200 .P2,400 P3,000 ..P3,500

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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