On December 24, 2019, the BSA Farms harvested apples with fair value of P 200,000 and an estimated cost to sell of P5,000. The apples were not recorded as biological assets while it grew on trees. At year-end, the fair value declined slightly to P390,000 and no apples had been sold at year-end. The net realizable value of the apples at year-end is P210,000. On January 1, 2020, all of the apples had been sold for P200,000, the company paid selling cost of P 1,000.
Required:
Compute for the initial value of the agricultural produce.
Compute for the subsequent measurement of agricultural produce.
Compute for the net income or loss on sale.
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