Question

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.

Answer 1

Answer:

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Answer 2

Answer:

too long for me

Explanation: