Use the following information to answer question 9 and 10 Lu

Use the following information to answer question 9 and 10. Lucy\'s Llama? purchased 1,000 llamas on January 1, 2015. These llamas will be sheared semi-annually and their wool sold to specialty clothing manufacturers. The llamas were purchased for s148,000. During 201 changes is s9.400, the wool harvested but not yet sold is valued at net realizable value of $18,000, and the change in fair value due to harvest is ($1,150). e change in fair value due to growth and price What is the value of the llamas on Lucy\'s Llamas statement of financial position on June 30, 2015? A. $156,250 B. $148,0oo 9. C. $146,850 D. $128,850 On Lucy\'s Llamas income statement for the year ending December 31, 2015, what amount of unrealized gain on biological assets will be reported? o. A. $26,250 B. $27,400 C. $9,400 D. $8,250

Solution

Ans 9 Option A $156250 Purchase price+change in fair value due to growth-/+Change in fair value due to harvest 148000+9400-1150 156250 ans 10 D) $8250 change in fair value due to growth-/+Change in fair value due to harvest 9400-1150 8250 If any doubt please comment. If satisfied you can rate