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- Agri-Corp. provided you details on items relating to its biological assets. How much should be reported as gain on change in fair value of biological assets for the six-month period ending June 31, 2020? Fruit trees, at net realizable value Fruit growing on the trees Original cost Jan. 1, 2020 June 31, 2020 P1,200,000 200,000 P 800,000 P 1,000,000 100,000 Cattles 50,000 60,000 64,800 Cattles purchased on May 30, 2020 9.000 9,500 Note: solutions must be in good accounting formOn anuary 1.2023, piant assets cet ere 5190.000 and un Decenber at, 2023. plart assets. et are Sz00.000. Depredation eperise for he yeraS10.000 Ne plant ets wrs soid or ehenget during the year What is the coet af the plant asts acqured dung the year OA 10 OR S000 OG. 100.000 OD 0.000On December 31, 2020, Stars Company reported the following information involving its biological assets. Biological assets, at cost on December 31, 2018 P 6.000,000 Fair valuc surplus on initial recognition at fair value December 31, 2019 7,000,000 Change in fair value to December 31, 2020 1,000,000 Decrease in fair value due to harvest during 2020 900,000 What amount should the biological assets be reported in the December 31, 2020 statement of financial position?
- Which of the following is included in determining the fair value of a biological asset that does not have an active market and which has a 5 year production cycle? 1. Revenue from sale in 5 years’ time2. Costs of growing for 5 years3. Financing costs on borrowings taken out to fund the growing costs4. Taxation on taxable income generated from sale in 5 years’ time5. Discount rate that reflects expected variability in cash flows.Q6. Land was acquired for $200 000 on 1 July 2017. On 30 June 2018 it has a fair value of $150 000. On 30 June 2020, due to increased population, the land is considered to have a fair value of $270 000. Write the journal entries needed.An asset has values of the PW during its economic life as shown in the table below. When should the asset be abandoned without replacement? Year PW 1 $14,408 2 $18,856 3 $21,466 4 $21,061 5 $19,614 a. year 3 b. year 5 c. year 4 d. year 1
- Case 5. The assets of a CGU at year-end are as follows: Property, Plant and Equipment Patent Goodwill Carrying amount 2,500,000 3,500,000 1,000,000 Fair value 2,000,000 3,000,000 1,000,000 The most recent review assesses the value in use of the CGU to be 4,500,000. 24. What total amount should be reported as impairment loss on goodwill? 25. What is the impairment loss to be allocated to the PPE?TB 02-95 Which concept should be applied when reporti... Which concept should be applied when reporting a piece of land that was bought for $50,000 five years ago, and which would probably now sell for $80,000? Multiple Choice The cost principle. The separate entity concept. The asset principle. The duality of effects.How much is the cost of the qualifying asset on initial recognition? * 15,045,000 13,010,000 14,970,900 14,920,000
- Which of the following statements regarding the accounting treatment of agriculture is true? Question 25 options: a) Each biological asset must be measured individually under IFRS. b) Once agricultural produce is harvested and is initially measured, it becomes property, plant, and equipment accounted for under IAS 16. c) Under ASPE, a new standard specific to agriculture is effective for fiscal periods beginning on or after January 1, 2022. d) When measuring biological assets or agricultural produce under IFRS, fair value is considered the fair value when the asset is ready to be sold, not in its current condition.TB MC Qu. 08-117 An asset's book value... An asset's book value is $18,000 on December 31, Year 5. The asset has been depreciated at an annual rate of $3,000 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $15,000, the company should record:A $48,000 asset was purchased and classified as a Class 10 asset for CCA purposes. If the CCA rate is 30%, calculate UCC for the end of year 3. Select one: a. $15,800 b. $18,300 c. $19,992 d. $17,400 e. $16,660 ???