Cake Company has a herd of ten 2-year old animals on January 1, 2023. One animal aged 2.5 years was purchased on July 1, 2023 for P10,000 and one animal was born on July 1, 2023 No animals were sold or disposed during the year. The fair value less cost to sell per unit were: Newborn animal, July 1-P7,000 Newborn animal, December 31+ P7,200 0.5-year old animal, December 31-P8,000 2-year old animal, January 1-P10,000 2-year old animal, December 31-P10,500 2.5-year old animal, July 1-P10,800 25-year old animal, December 31-P11,100 3-year old animal, December 31-P12,000 The gain arising from change in fair value less cost to sell reported in the 2023 profit or loss is:
Cake Company has a herd of ten 2-year old animals on January 1, 2023. One animal aged 2.5 years was purchased on July 1, 2023 for P10,000 and one animal was born on July 1, 2023 No animals were sold or disposed during the year. The fair value less cost to sell per unit were: Newborn animal, July 1-P7,000 Newborn animal, December 31+ P7,200 0.5-year old animal, December 31-P8,000 2-year old animal, January 1-P10,000 2-year old animal, December 31-P10,500 2.5-year old animal, July 1-P10,800 25-year old animal, December 31-P11,100 3-year old animal, December 31-P12,000 The gain arising from change in fair value less cost to sell reported in the 2023 profit or loss is:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cake Company has a herd of ten 2-year old animals on January 1, 2023. One animal aged 2.5 years was purchased on July 1, 2023 for P10,000 and one animal was born on July 1, 2023 No animals were sold or disposed during the year. The fair value less cost to sell per unit were:
Newborn animal, July 1-P7,000
Newborn animal, December 31+ P7,200
0.5-year old animal, December 31-P8,000
2-year old animal, January 1-P10,000
2-year old animal, December 31-P10,500
2.5-year old animal, July 1-P10,800
25-year old animal, December 31-P11,100
3-year old animal, December 31-P12,000
The gain arising from change in fair value less cost to sell reported in the 2023 profit or loss is:
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