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    Revv Cojuangco
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    The document shows computations for gains and losses on biological assets. There was a $20,000 loss on initial purchase, a $227,500 gain due to physical change, and a $105,500 gain due to price change. The total amount of biological assets to be reported in the 2021 financial statements is $535,500.

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    The document shows computations for gains and losses on biological assets. There was a $20,000 loss on initial purchase, a $227,500 gain due to physical change, and a $105,500 gain due to price change. The total amount of biological assets to be reported in the 2021 financial statements is $535,500.

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    © All Rights Reserved
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    20 views1 page

    Untitled

    Uploaded by

    Revv Cojuangco
    The document shows computations for gains and losses on biological assets. There was a $20,000 loss on initial purchase, a $227,500 gain due to physical change, and a $105,500 gain due to price change. The total amount of biological assets to be reported in the 2021 financial statements is $535,500.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Show computations for the following: 

     
    1.  Gain/loss on the initial recognition of biological assets upon purchase. 
    20,000 loss
    2.  Gain/loss on change in fair value due to physical change. 227,500
    3.  Gain/loss on change in fair value due to price change. 105,500
    4.  Total amount of biological assets that will be shown in the December
    31,2021 financial statements. 535,500

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