On December 31, 2020, Stars Company reported the follouing nformation involving its biological assets Biological assets, at cost on December 31, 2018 P6.000.000 Far valuc surplus on intal recogntion 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 fnancial position?

On December 31, 2020, Stars Company reported the follouing nformation involving its biological assets Biological assets, at cost on December 31, 2018 P6.000.000 Far valuc surplus on intal recogntion 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 fnancial position?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 29P

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