Create an Account

Already have account?

Forgot Your Password ?

Home / Questions / Keyser ’s Fleece Inc holds a drove of sheep Keyser shears the sheep on a semiannual basis ...

Keyser ’s Fleece Inc holds a drove of sheep Keyser shears the sheep on a semiannual basis and then sells the harvested wool into the specialty knitting market Keyser has the following information

Keyser ’s Fleece Inc. holds a drove of sheep. Keyser shears the sheep on a semiannual basis and then sells the harvested wool into the specialty knitting market. Keyser has the following information related to the shearing sheep at January 1, 2014, and during the first six months of 2014.

 

 

Shearing Sheep

Carrying value (equal to net realizable value), January 1, 2014

$74,000

Change in fair value due to growth and price changes

4,700

Change in fair value due to harvest

(575)

Wool harvested during the first 6 months (at NRV)

9,000

 

Prepare the journal entry(ies) for Keyser ’s biological asset (shearing sheep) for the first six months of 2014.

May 12 2020 View more View Less

Answer (Solved)

question Subscribe To Get Solution

Related Questions