Margaret Ltd Has a Vineyard and at the End of Reporting

question 37

Multiple Choice

Margaret Ltd has a vineyard and at the end of reporting period 30 June 2012 the following information is available.

What is the change in fair value less estimated point-of-sale costs of the vines for the reporting period 30 June 2012 in accordance with AASB 141 "Agriculture"?

• A) ($350,000)
• B) ($300,000)
• C) $250,000
• D) $350,000
• E) None of the given answers.

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Definitions:

Travertine

A variety of limestone that is commonly concentrically banded and porous.

Karst Topography

A landscape formed from the dissolution of soluble rocks such as limestone, characterized by sinkholes, caves, and underground drainage systems.

Sinkhole

A depression or hole in the ground caused by the collapse of a surface layer, often due to the dissolution of underlying limestone, volcanic activity, or water withdrawal from wells.

Stalactite

A type of speleothem that hangs from the ceiling of limestone caves, formed by the deposition of minerals from dripping water.