A group of thirty 2-year old piggy was held by Ralph Ranch at January 1, 2022. Five one-year old piggy were purchased on January 5, 2022 for P8,000 each and ten were born on same date. No biological assets were disposed during the year. Per unit fair values less cost to sell were as follows: Age January 1 December 31 3- year old-------------P15,000 ---------------P16,500 2-year old --------------11,200 -------------- 11,600 1- year old ------------- 8,500 ---------------- 8,800 newborn -------------- 6,000 ---------------- 6,500 The company discloses separately the increase in fair value less cost to sell due to physical change and change in fair value less cost to sell due to price change. What is the balance of biological assets at December 31, 2022?

A group of thirty 2-year old piggy was held by Ralph Ranch at January 1, 2022. Five one-year old piggy were purchased on January 5, 2022 for P8,000 each and ten were born on same date. No biological assets were disposed during the year. Per unit fair values less cost to sell were as follows: Age January 1 December 31 3- year old-------------P15,000 ---------------P16,500 2-year old --------------11,200 -------------- 11,600 1- year old ------------- 8,500 ---------------- 8,800 newborn -------------- 6,000 ---------------- 6,500 The company discloses separately the increase in fair value less cost to sell due to physical change and change in fair value less cost to sell due to price change. What is the balance of biological assets at December 31, 2022?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 7PA: Tree Lovers Inc. purchased 100 acres of woodland in which the company intends to harvest the...

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A group of thirty 2-year old piggy was held by Ralph Ranch at January 1, 2022. Five one- year old piggy were purchased on January 5, 2022 for P8,000 each and ten were born on same date. No biological assets were disposed during the year. Per unit fair values less cost to sell were as follows: Age December 31 3-year old------ P16,500 2-year old 1-year old newborn January 1 -P15,000 --11,200 8,500 6,000 11,600 8,800 6,500 The company discloses separately the increase in fair value less cost to sell due to physical change and change in fair value less cost to sell due to price change. What is the balance of biological assets at December 31, 2022?
A group of thirty 2-year old piggy was held by Ralph Ranch at January 1, 2022. Five one-year old piggy were purchased on January 5, 2022 for P8,000 each and ten were born on same date. No biological assets were disposed during the year. Per unit fair values less cost to sell were as follows: Age January 1 December 313- year old-------------P15,000 ---------------P16,5002-year old --------------11,200 -------------- 11,6001- year old ------------- 8,500 ---------------- 8,800newborn -------------- 6,000 ---------------- 6,500The company discloses separately the increase in fair value less cost to sell due to physical change and change in fair value less cost to sell due to price change.What is the balance of biological assets at December 31, 2022?
On January 1, 20x1 AAA Co. has three 1-year old animal with carrying amount of P 3,000. On March 31, AAA Co. acquired two animals aged 2.25 years old, for P 2,000 each, the fair value less costs on this date. Six animals were born on October 1, 20x1. The fair value less costs to sell of the newborn animal on this date is P500. AAA Co. determined the fair value less costs to sell on December 31, 20x1: New born P 600 .25 years old 800 1 year old 1,200 2 years old 2,400 2.25 years old 3,000 3 years old 3,500 Requirements: Total gain (loss) from the change in Fair Value less Costs to Sell (FVLCS) during the period. Change in FVLCS due to price change. Change in FVLCS due to physical change.
On January 1, 20x1 AAA Co. has three 1-year old animal with carrying amount of P 3,000. On March 31, AAA Co. acquired two animals aged 2.25 years old, for P 2,000 each, the fair value less costs on this date. Six animals were born on October 1, 20x1. The fair value less costs to sell of the newborn animal on this date is P500. AAA Co. determined the fair value less costs to sell on December 31, 20x1: New born P 600 .25 years old 800 1 year old 1,200 2 years old 2,400 2.25 years old 3,000 3 years old 3,500 Requirements: How much is the total gain (loss) from the change in FVLCS during the period? a. 4,000 b. 9,000 c. 12,000 d. 18,000 How much is the change in FVLCS due to price change? a. 1,800 b. 2,800 c. 3,000 d. 3,200 How much is the change in FVLCS due to physical change? a. 8,800 b. 9,000 c. 9,200 d. 10,200
On January 1, 20x1, the biological assets of SUAVE POLISHED Co. consist of ten 2 year old animals with fair value less cost to sell of ₱40,000 each for a total of ₱400,000. Transactions during the year include the following: • One animal aged 2.5 years was purchased on July 1, 20x1 for ₱43,200. • One animal was born on July 1, 20x1.• No animals were sold or disposed of during the period. Per-unit fair values less costs to sell are as follows:• Newborn animal at July 1, 20X1 28,000• 2.5 year old animal at July 1, 20X1 43,200• Newborn animal at 31 December 20X1 28,800• 0.5 year old animal at 31 December 20X1 32,000• 2 year old animal at 31 December 20X1 42,000• 2.5 year old animal at 31 December 20X1 44,400• 3 year old animal at 31 December 20X1 48,000How much is the gain on change in fair value less costs to sell due to price change? a. 22,000 b. 94,800 c. 34,800 d. 122,000
1. Mr. Klaus Company has a herd of 10 2-year old animals on January 1, 2018. One animal aged 2.5 years was purchased on July 1, 2018 for P108, and one animal was born on July 1, 2018. No animals were sold or disposed of during the year. The fair value less cost to sell per unit as follows: 2- year old animal on January 1 100 108 2.5 - year old animal on July 1 New born animal on July 1 2-year old animal on December 31 2.5 - year old animal on December 31 70 105 111 New born animal on December 31 72 3- year old animal on December 31 120 0.5 – year old animal on December 31 80 What is the fair value of the biological assets on December 31, 2018?
Rainbow Company has the following information pertaining to its biological assets for the year 2021.A herd of 100, 2-year old animals was held at January 2, 2021. Ten animals aged 2.5 years were purchased on July 1, 2021 for P5,400, and ten animals were born on July 1, 2021. No animals were sold or disposed of during the period. Per unit fair values less estimated cost to sell were as follows:· 2.0-year old animal at January 1, 2021- P5,000· Newborn animal at July 1, 2021- P3,500· 2.5-year old animal at July 1, 2021- P5,400· Newborn animal at December 31, 2021- P3,600· 0.5-year old animal at December 31, 2021- P4,000· 2.0-year old animal at December 31, 2021- P5,250· 2.5-year old animal at December 31, 2021- P5,550· 3.0-year old animal at December 31, 2021- P6,000What is the fair value of the biological assets as of December 31, 2021? A. 581,500 B. 554,000 C. 700,000 D. 735,000
Rainbow Company has the following information pertaining to its biological assets for the year 2021.A herd of 100, 2-year old animals was held at January 2, 2021. Ten animals aged 2.5 years were purchased on July 1, 2021 for P5,400, and ten animals were born on July 1, 2021. No animals were sold or disposed of during the period. Per unit fair values less estimated cost to sell were as follows:· 2.0-year old animal at January 1, 2021- P5,000· Newborn animal at July 1, 2021- P3,500· 2.5-year old animal at July 1, 2021- P5,400· Newborn animal at December 31, 2021- P3,600· 0.5-year old animal at December 31, 2021- P4,000· 2.0-year old animal at December 31, 2021- P5,250· 2.5-year old animal at December 31, 2021- P5,550· 3.0-year old animal at December 31, 2021- P6,000What is the fair value of the biological assets as of December 31, 2021?
On July 1, KAW Inc. purchased 75 cows which, at that time were 2.5 years old for a total cost of P1,350,000. On December 31, the cows gave birth to 15 calves. The following information on fair value less cost of disposal of biological assets is made available: (Refer to image) What amount of gain from biological assets will KAW Inc. report in its December 31 Income Statement? 2.5 year old cow on deceber 31 20,000 3 years old cow on december 31 25,000 new born calf on july 1 5,000 new born calf on december 31 6,500
At the beginning of the current year, Dianne company purchased a tract of land for P6,000,000. The entity incurred additional cost of 1,500,000 durinhg the remainder of the year in preparing the land for sale. The tract was subdivided into residential lots as follows: LOT CLASS Number of lots Sales Price per lot A 100 P240,000 B 100 P160,000 C 200 P100,000 If 150 class C lots were sold, How much is the cost of unsold class C lots?
At the beginning of current year, an entity purchased 100 cows which are 3 years old for P15,000 each for the purpose of producing milk for the local community. On July 1, the cows gave birth to 20 calves. The active market, provided the fair value less costs to sell of the biological assets as follows: New born calf on July 1 - 4,000 New born calf on December 31 - 5,000 ½ year old calf on December 31 - 7,000 3 years old cow on December 31 - 18,000 4 years old cow on December 31 - 24,000 Required: Prepare the journal entries with supporting computation as applicable.
Assume that on January 2, 20X6, Sanoma of Michigan purchased fixtures for $8,100 cash, expecting the fixtures to remain in service for five years. Sanoma has depreciated the fixtures on a double-declining-balance basis, with $1,400 estimated residual value. On October 31, 20X7, Sanoma sold the fixtures for $2,600 cash. Requirement 1. Record both the depreciation expense on the fixtures for 20X7 and the sale of the fixtures. Apart from your journal entry, also show how to compute the gain or loss on Sanoma's disposal of these fixtures. Start by recording depreciation expense on the fixtures for 20X7. (Record debits first, then credits. Explanations are not required. Leave unused cells blank.) Journal Entry Date Oct 31 Accounts Debit Credit