A flock of twenty 2-year-old sheep was held at January 1, 2020. On this date,...
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A flock of twenty 2-year-old sheep was held at January 1, 2020. On this date, five 2-year-old sheep were purchased for P12,000 each. On July 1, 2020, 5 lambs were born. On December 31, 2020, Five 3-year-old sheep were sold at their fair value less cost to sell.
Per unit fair values less cost to sell were as follows:
| January 1, 2020 |
|
| 2-year-old sheep | 12,000 |
| Newborn lamb | 4,000 |
|
|
|
| July 1, 2020 |
|
| 2-year-old sheep | 12,500 |
| Newborn lamb | 4,500 |
|
|
|
| December 31, 2020 |
|
| 3-year-old sheep | 15,000 |
| 2-year-old sheep | 13,000 |
| 1-year-old lamb | 7,000 |
| 0.5-year old lamb | 6,000 |
| Newborn lamb | 5,000 |
How much is the income from change in fair value less cost to sell due to physical change?
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