A group of thirty 2-year old swine was held on January 1, 2021.

  Five one year old swine were

purchased on January 2, 2021 for P10,000 each and ten were born also on January 2, 2021.  
Five 3-year old swine were sold at the end of the year 2021.  The fair value less cost to sell
of each were as follows: 
  FV less cost to sell  FV less cost to sell 
Age  January 1,2021  December 31,2021 

Newborn     P4,000  P5,000 

1 year old  6,000  6,500 
2 years  8,500  11,600 
3 years  11,200  16,500 
 
Required:  
Dec. 31, 2021 Biological Assets 293,000
Gain from increase in FV due to price change 105,500
Gain from increase in FV due to physical change 187,500
To record increase in FV due to price and physical change

Dec.31, 2021 Cash 82,500

Biological Assets 82,500
To record sale of biological assets