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Group Members:: Abangolan Arances Asenjo Cabahug Magdales Monteiro Urbiztondo Villacastin
Group Members:: Abangolan Arances Asenjo Cabahug Magdales Monteiro Urbiztondo Villacastin
ABANGOLAN
ARANCES
ASENJO
CABAHUG
MAGDALES
MONTEIRO
URBIZTONDO
VILLACASTIN
THEORIE
S
1. Which of the following is a biological asset?
a. Carcass
b. Milk
c. Eggs
d. Oil palms
a. I only.
b. II only.
c. I and II.
d. I, II and 3.
8. Biological transformation results from asset changes
through all of the following, EXCEPT?
a. Growth
b. Degeneration
c. Procreation
d. Production of agricultural produce
a. -0-
b. 356,000
c. 396,000
d. 68,900
2. KOOGI Company provided the following data:
What is the carrying amount of the biological assets on December 31, 2020?
a. 1,235,000
b. 1,245,000
c. 1,310,000
d. 1,305,000
3. CLIETZ Company provided the following assets in a forest plantation and
farm:
a. 12,500,000
b. 129,500,000
c. 6,506,000
d. 9,500,000
4. CS Company provided the following data:
a. 1,800,000
b. 2,150,000
c. 650,000
d. 2,450,000
5. Mega Company is engaged to raising dairy livestock. The entity provided
the
following information during the current year.
a. 6,950,000
b. 6,000,000
c. 8,000,000
d. 7,150,000
6. Brookside Farm is engaged in raising dairy livestock. The following
information pertains to Brookside on December 31, 2019:
a. 5,000,000
b. 5,200,000
c. 5,180,000
d. 4,900,000
7. Dub Dairy produces milk to sell to local and national ice cream producers.
Dub Dairy began operations on January 1, 2015 by purchasing 840 milk
cows for 1,176,000. The company controller had the following information
available at year end relating to the cows:
Milking cows
Carrying value, January1, 2015 1,176,000
Change in fair value due to growth and price changes 365,000
Decrease in fair value due to harvest (42,000)
Milk harvested during 2015 54,000
At December 31, 2015, what is the value of the milking cows on Dub
Dairy’s statement of financial position?
a. 1,176,000
b. 1,541,000
c. 1,134,000
d. 1,499,000
8. Flank Company provided the following information for the current year:
Cash 600,000
Trade and other receivables 1,400,000
Inventories 200,000
Dairy livestock-immature 40,000
Dairy livestock- mature 500,000
Note payable 1,500,000
Share capital 2,000,000
Fair value of milk produced 600,000
What is the fair value of biological asset at the year end?
A.550,000
b. 540,000
c. 1,140,000
d. 1,410,000
9. Pork herbs Corp. purchased a forest plantation at a lump-sum amount of
P6,500,000. This plantation includes land, fences and trees and plants. The
fair value of the land and fences are determinable which is P4,000,000 and
P2,000,000, respectively.
a. 450,000
b. 8,500,000
c. 4,000,000
d. 500,000
10. April Uy purchased 1,000 alpaca on January 1, 2020. These alpacas will be
sheared semi-annually, and their wool sold to specialty clothing manufacturers. The
alpaca was purchased for 148,000. During 2020, the change in fair value due to
growth and price changes is 9,400, the wool harvested but not yet sold is valued at net
realizable value of 18,000, and the change in fair value due to harvest is 1,150. In
April Uy income statement for the year ending December 31, 2020, what amount of
unrealized gain on biological assets will be reported?
a. 26,250
b. 27,400
c. 9,400
d. 8,250
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