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What amount should be reported as fair value of biological assets at year-end? a. 550,000 b. 450,000 c. 500,000 d. 400,000

What amount should be reported as fair value of biological assets at year-end? a. 550,000 b. 450,000 c. 500,000 d. 400,000

FINANCIAL ACCOUNTING
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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Dairy Company provided the following information for the Problem 13-9 (IFRS) Dairy Company provided the following information current year: Cash Trade and other receivables Inventories Dairy liveatock immature Dairy livestock mature Property, plant and equipment, net Trade and other payables Note payable - long-term Share capital Retained earnings beginning Fair value of milk produced Gain from change in fair value Inventories used Staff costs Depreciation expense Other operating expenses Income tax expense 500,000 1,500,000 100,000 50,000 400,000 1,400,000 520,000 1,500,000 1,000,000 800,000 600,000 50,000 140,000 120,000 15,000 190,000 55,000 1. What amount should be reported as net income for the current year? a. 650,000 b. 600,000 c. 130,000 d. 185,000 2. What amount should be reported as fair value of biological assets at year-end? a. 550,000 b. 450,000 с. 500,000 d. 400,000
Transcribed Image Text:Dairy Company provided the following information for the Problem 13-9 (IFRS) Dairy Company provided the following information current year: Cash Trade and other receivables Inventories Dairy liveatock immature Dairy livestock mature Property, plant and equipment, net Trade and other payables Note payable - long-term Share capital Retained earnings beginning Fair value of milk produced Gain from change in fair value Inventories used Staff costs Depreciation expense Other operating expenses Income tax expense 500,000 1,500,000 100,000 50,000 400,000 1,400,000 520,000 1,500,000 1,000,000 800,000 600,000 50,000 140,000 120,000 15,000 190,000 55,000 1. What amount should be reported as net income for the current year? a. 650,000 b. 600,000 c. 130,000 d. 185,000 2. What amount should be reported as fair value of biological assets at year-end? a. 550,000 b. 450,000 с. 500,000 d. 400,000
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