You are working as the chief accountant of Ganyu Co., who does business in a specialized industry. Ganyu is into agriculture, the company owns a coffee plantation and raises animals for their meat and other produce. During the year, a farmland with a mango plantation and rice fields was also acquired. Information about the animals Ganyu held were as follows: Ganyu Co. has the following animals as of January 1, 2021: 350 cows (average age, 2 years old) 200 heifers (average age, 1-year old) Ganyu also purchased 175 heifers, average age 1-year old, on July 1, 2021 Also, 75 animals were born on July 1, 2021. The unit values less estimated costs to sell were. 1-year old animal at December 31, 2021 P12,200 2-year old animal at December 31, 2021 14,500 1.5-year old animal at December 31, 2021 12,600 3-year old animal at December 31, 2021 15,000 1-year old animal at January 1, 2021 and July 1, 2021 12,000 2-year old animal at January 1, 2021 14,000 0.5 year old at December 31, 2021 4,000 Newborn at July 1, 2021 2,000 Newborn at December 31, 2021 2,800 The animals produced 1,000 litres of milk during the year which had a point of harvest fair value of P375,000 and a cost to sell of P50,000. Information about the coffee plantation were as follows: Ganyu also maintained a coffee bean farm, the following transactions related to cultivation of the farm occurred during the year: • Purchased fertilizers, P250,000 • Paid farmhands for tending to the plantation, P250,000. • On January 1, 2021, matured coffee plants currently growing beans were cultivated at a total cost of P1,500,000 and had an estimated productive life of 10 years. The coffee plants have been producing beans for 2 years now. • Coffee beans harvested during the year had a fair value less cost to sell at point of harvest of P560,000. Information about the mango plantation and ricefields were as follows: At the beginning of the year, Ganyu acquired a parcel of agricultural land for P1,500,000, a portion of which was a mango plantation. The land separately had a fair value of P1,200,000 while the mango trees were appraised at a fair value of P500,000 with a cost to dispose of P100,000. The mango trees are expected to yield produce for an estimate of 10 years. Also at the beginning of the year Ganyu purchased rice seeds for P50,000 to be planted for produce and incurred machinery rentals at 50,000; fertilizers 40,000; and salaries of laborers P80,000 for the cultivation of the rice fields. The rice fields yielded 650 sacks of rice grains at which point of harvest fair value was P900 per sack and a cost to dispose of P20,000. After harvest, milling and other costs of P41,000, the rice grains were converted to 340 sacks of rice with a fair value less cost to dispose of P2,500 per sack. During harvest, the mango plantation yielded 3,000 kilos of mangos with a point of harvest fair value less cost to dispose of P88 per kilo. At the end of the year, the mango trees still grow unripe mango fruits with a fair value less cost of disposal of P170,000. Ganyu Co. would like to know the amount of assets that can be recognized from the farming activities done and asked you to prepare a report based on the foregoing information.