cate the direction of the misstatement for each you rations on April 1, e first...
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cate the direction of the misstatement for each you rations on April 1, e first month of oper- 9.7 (L02) (Valuation at Net Realizable Value) Matsumura Dairy began operations on April with the purchase of 200 milking cows for Y6,700,000. It has completed the hrst month of ons and has the following information for its milking cows at the end of April 2019 (yen in thousandal Milking cows Change in fair value due to growth and price changes* (200,000) Decrease in fair value due to harvest (12,000) Milk harvested during April 2019 (at net realizable value) 72,000 *Due to a very high rate of calving in the past month, there is a glut of milking cows on the market. Instructions a. Prepare the journal entries for Matsumura's biological asset (milking cows) for the month of April 2019. b. Prepare the journal entry for the milk harvested by Matsumura during April 2019, c. Matsumura sells the milk harvested in April on the local milk exchange and receives 474,000. Pre- pare the summary journal entry to record the sale of the milk
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