Answer to Question #167074 in Accounting for maryjane

Question

Marko Corporation has several assets for classification as biological assets. After reviewing the data gathered shown in the image, how much should Marko report as net gain from change in fair value of biological assets for the quarter? Cocoa pods kept Cows and Cocoa Trees in storage for Sheep the whole period Cost P300,000 P400,000 Carrying Value, April 1, 2020 800,000 900,000 P 200,000 Increase or (decrease) in value from price change (40,000) (50,000) 20,000 Increase or (decrease) in value from physical change 100,000 180,000 50,000

Answer 1

$$Solution$$

The net gain for change in the fair value of the biological assets will be obtained as presented in the table below.