What amount of net gain on biological asset should be reported in the current year?
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- CASE – AGRICULTURE Part 1.PT Milkisu produced milk for sale to local and national cream producers. The entity began operations at a beginning of current year by purchasing 500 milk cows for CU8,000,000The entity had the following information available at year-end relating to the cows: Carrying amount of milking cows, Jan 1 at 8,000,000 Change in fair value due to growth and price change at 900,000 Decrease in fair value due to harvest at 200,000 Milk harvested during the year but not sold at 400,000 Required:Discuss and prepare journal entries:1. To record the acquisition of milking cows2. To record the net gain from the change in fair value of the milking cows3. To record the gain from change in fair value of agricultural produce Part 2.Discuss and answer these questions:1. Is the natural breeding of animals in zoos and game parks agricultural activity?2. Is ocean fishing agricultural activity?3. Is palm plantation agricultural activity? Describe the accounting treatment for…At the beginning of current year, an entity purchased 100 cows which are 3 years old for P15,000 each for the purpose of producing milk for the local community. On July 1, the cows gave birth to 20 calves. The active market, provided the fair value less costs to sell of the biological assets as follows: New born calf on July 1 - 4,000 New born calf on December 31 - 5,000 ½ year old calf on December 31 - 7,000 3 years old cow on December 31 - 18,000 4 years old cow on December 31 - 24,000 Required: Prepare the journal entries with supporting computation as applicable.Dairy Company provided the following information for the Problem 13-9 (IFRS) Dairy Company provided the following information current year: Cash Trade and other receivables Inventories Dairy liveatock immature Dairy livestock mature Property, plant and equipment, net Trade and other payables Note payable - long-term Share capital Retained earnings beginning Fair value of milk produced Gain from change in fair value Inventories used Staff costs Depreciation expense Other operating expenses Income tax expense 500,000 1,500,000 100,000 50,000 400,000 1,400,000 520,000 1,500,000 1,000,000 800,000 600,000 50,000 140,000 120,000 15,000 190,000 55,000 1. What amount should be reported as net income for the current year? a. 650,000 b. 600,000 c. 130,000 d. 185,000 2. What amount should be reported as fair value of biological assets at year-end? a. 550,000 b. 450,000 с. 500,000 d. 400,000
- . The following information pertains to Best Food (BF) Company’s intangible assets: a. On January 1, 2020, BF signed an agreement to operate as a franchisee of Macky’s Food Chain for an initial franchise fee of P1,500,000. Of this amount, P300,000 was paid when the agreement was signed and the balance is payable in 4 annual payments of P300,000 each, beginning January 1, 2021. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 1, 2020 of the 4 annual payments discounted at 14% (the implicit rate for a loan of this type) is P874,000. The agreement also provides that 5% of the revenue from the franchise must be paid to the franchisor annually. BF’s revenue from the franchise for 2020was P19 million. BF estimates the useful life of the franchise to be 10 years. b. BF incurred P1,300,000 of experimental and developmental costs in its laboratory to develop a patent which was granted on January 2,…During your examination of the financial statements of Martin Mfg. Co., a new client, for the year ended March 31, 20X0, you note the following entry in the general journal dated March 31, 20X0: Notes Receivable $550,000 Land $500,000 Gain on sale of land $50,000 To record sale of excess plant-site land to Ardmore Corp. for 8 percent note due five years from date. No interest payment required until maturity of note. Your review of the contract for sale between Martin and Ardmore, your inquiries of Martin executives, and your study of the minutes of Martin’s directors’ meetings uncover the following facts: (1) The land has been carried in your client’s accounting records at its cost of $500,000. (2) Ardmore Corp. is a land developer and plans to subdivide and resell the land acquired from Martin Mfg. Co. (3) Martin had originally…A proprietorship has a calendar fiscal year and acquires a machine on April 1 of the current year. The machine has a cost of $54,000. The proprietor pays a contractor $19,000 to install the machine and pays a non-refundable provincial sales tax of $8,600. The machinery is Class 8 equipment with a CCA rate of 20%. Assuming that the opening UCC for Class 8 assets is $0, what is the maximum CCA that can be deducted for this machine in the current fiscal year? A. $16,320 B. $24,480 O C. $8,160 D. $21,900
- WeCareCows Company produces dairy products for sale to grocery stores and direct consumers. When they started their operations, they bought 650 milk cows for P8,000,000. The following information are provided during the year: • Acquisition cost, January 1- P8,000,000 • Change in fair value due to growth and price changes- P2,500,000 • Decrease in fair value due to harvest- P250,000 • Milk harvested during the year but not yet sold- P400,000 What amount of gain on change in fair value should be recognized for biological assets for the year? A. P2,650,000 B. P2,900,000 C. P2,500,000 D. P2,250,000ABC begins the construction of a building on 1 January 20X1. The following expenditures on this property incurred during the year 20X1: (Unit: CU 1000)1 January 20X1 – 100,0001 June 20X1 – 300,0001 October 20X1 – 600,000On 1 January 20X1, Entity A had 500,000 of general borrowings which increased by 1 million to 1.5 million in total on 1 June 20X1. Interest expense on these borrowings calculated to 50,000 for full-year 20X1.Calculate the amount relating to borrowing cost that should be capitalized in the cost of the building?Title In early January, Swanton Corp. purchased a building to house its manufacturing operations in Moose. Description In early January, Swanton Corp. purchased a building to house its manufacturing operations in Moose Jaw for $470,000. The company agreed to lease the land that the building stood on for $14,000 per year from the industrial park owner, and the municipality donated $140,000 to Swanton as an incentive to locate in the area and acquire the building. Prepare entries to record the cash that was exchanged in each of the transactions, assuming the cost reduction method is used.
- On January 1, 2022, Plantitos Company purchased a vineyard costing P 12,000,000 which is determined to produce fruit for a period of 5 years. During the year, Plantitos harvested grapes with a fair value less cost to dispose of P 4,000,000. By the end of 2021, it sold the grapes for P 7,000,000. What amount should be reported as gross profit from sales? a. P 3,000,000 b. P 3 500,000 c. P 7,000,000 d. P4,000,000Isabela Company commercial operations at the beginning of the current year. The followingcosts are incurred by the entity during the current year:Option fee for land acquired 10, 000Option fee for land not acquired 10, 000Taxes in arrears on building on land 50, 000Payment for land 1, 000, 000Demotion of old building on land, net of salvage of P10, 000 100, 000Architect fee 230, 000Payment to city hall for approval of building construction 120, 000Contract price for factory building 5, 000, 000Safety fence around construction site 35, 000Safety inspection on building 30, 000Removal of safety fence after completion of factory building 20, 000New fence surrounding the factory 80, 000Driveways, parking bays and safety lighting 550, 000a. How much is the cost of Land?________________________b. How much is the cost of factory building?___________________________c. what is the rules in solving this problem?Bank Muzin entered into another mudharabah contract (Re- Mudharabah) with Company C to undertake a housing development project and they had agreed on the profit sharing ratio of 80: 20 (Bank: Company C). Assume the following results of the venture: Year Profit / (Loss) 650,000 (500,000) 3. 1,200,000 Determine the profit/loss of the above transactions that would be allocated for Csompany C based on Each Period method Year 1: profit/loss for Comapny C Year 2: profit/loss for ComapnyC Year 3: profit/loss for Comapny C