Biological assets: The initial recognition value must be considered for biological assets and it is reported at the end of the year. The amount that needs to be recorded is the difference between the fair or market value less cost of goods sold. That is, it is measured at the net realizable value. Generally, the companies record gains and losses based on the changes in the income. Here, income is related to net realizable value of biological assets. (a) To prepare: To prepare the journal entries.

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Answer 1

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Chapter 9, Problem 9ICA

To determine

Biological assets: The initial recognition value must be considered for biological assets and it is reported at the end of the year. The amount that needs to be recorded is the difference between the fair or market value less cost of goods sold. That is, it is measured at the net realizable value.

Generally, the companies record gains and losses based on the changes in the income. Here, income is related to net realizable value of biological assets.

(a)

To prepare: To prepare the journal entries.

To determine

(b)

To prepare: To prepare the journal entries.

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Answer 2

Question

Chapter 9, Problem 9ICA

To determine

Biological assets: The initial recognition value must be considered for biological assets and it is reported at the end of the year. The amount that needs to be recorded is the difference between the fair or market value less cost of goods sold. That is, it is measured at the net realizable value.

Generally, the companies record gains and losses based on the changes in the income. Here, income is related to net realizable value of biological assets.

(a)

To prepare: To prepare the journal entries.

To determine

(b)

To prepare: To prepare the journal entries.

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Answer 3

Question

Chapter 9, Problem 9ICA

To determine

Biological assets: The initial recognition value must be considered for biological assets and it is reported at the end of the year. The amount that needs to be recorded is the difference between the fair or market value less cost of goods sold. That is, it is measured at the net realizable value.

Generally, the companies record gains and losses based on the changes in the income. Here, income is related to net realizable value of biological assets.

(a)

To prepare: To prepare the journal entries.

To determine

(b)

To prepare: To prepare the journal entries.

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Answer 4

Question

Chapter 9, Problem 9ICA

To determine

Biological assets: The initial recognition value must be considered for biological assets and it is reported at the end of the year. The amount that needs to be recorded is the difference between the fair or market value less cost of goods sold. That is, it is measured at the net realizable value.

Generally, the companies record gains and losses based on the changes in the income. Here, income is related to net realizable value of biological assets.

(a)

To prepare: To prepare the journal entries.

To determine

(b)

To prepare: To prepare the journal entries.

Expert Solution & Answer

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Answer 5

Chapter 9, Problem 9ICA

To determine

Biological assets: The initial recognition value must be considered for biological assets and it is reported at the end of the year. The amount that needs to be recorded is the difference between the fair or market value less cost of goods sold. That is, it is measured at the net realizable value.

Generally, the companies record gains and losses based on the changes in the income. Here, income is related to net realizable value of biological assets.

(a)

To prepare: To prepare the journal entries.

To determine

(b)

To prepare: To prepare the journal entries.

Answer 6

Chapter 9, Problem 9ICA

To determine

Biological assets: The initial recognition value must be considered for biological assets and it is reported at the end of the year. The amount that needs to be recorded is the difference between the fair or market value less cost of goods sold. That is, it is measured at the net realizable value.

Generally, the companies record gains and losses based on the changes in the income. Here, income is related to net realizable value of biological assets.

(a)

To prepare: To prepare the journal entries.

Answer 7

Chapter 9, Problem 9ICA

To determine

Biological assets: The initial recognition value must be considered for biological assets and it is reported at the end of the year. The amount that needs to be recorded is the difference between the fair or market value less cost of goods sold. That is, it is measured at the net realizable value.

Generally, the companies record gains and losses based on the changes in the income. Here, income is related to net realizable value of biological assets.

(a)

To prepare: To prepare the journal entries.

Answer 8

To determine

(b)

To prepare: To prepare the journal entries.

Answer 9

To determine

(b)

To prepare: To prepare the journal entries.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 9 - Prob. 1Q Ch. 9 - Prob. 2Q Ch. 9 - 3. What approaches may be employed in applying...Ch. 9 - Prob. 4Q Ch. 9 - Prob. 5Q Ch. 9 - Prob. 6Q Ch. 9 - Prob. 7Q Ch. 9 - Prob. 8Q Ch. 9 - Prob. 9Q Ch. 9 - Prob. 10Q

(b) To prepare: To prepare the journal entries.

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Chapter 9 Solutions

(b)

To prepare: To prepare the journal entries.