PROBLEM 5-7 SANTA ROSA COMPANY has a herd of twenty(20) 2-year old animals on Jan....
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PROBLEM 5-7 SANTA ROSA COMPANY has a herd of twenty(20) 2-year old animals on Jan. 1, 2020. One(1) animal aged 2-5 years was purchased on July 1, 2020, and one(1) animal was born on the same date. Two(2) of the 2-year old animals were sold last Feb. 14, 2020 at P250 each, while another two(2) from the 2-year old group died on Nov. 2, 2020. The fair values less estimated point of sale cost per head were: 2 year old animal on Jan. 1, 2020 2-5 year old animal on July 1, 2020 New born animal on July 1, 2020 2 year old animal on Dec. 31. 2020 P208 224 - 148 218 314 2-5 year old animal on Dec. 31, 2020 New born animal on Dec. 31, 2020 3 year old animal on Dec. 31, 2020 ya year old animal on Dec. 31, 2020 230 152 248 168 REQUIRED: Prepare all the indicated entries for 2020 to recognize the transactions relating to biological assets. Indicate the financial statement presentation of the accounts relating to biological assets
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