At 30 June 2021 the Fair Value of Green Valley's

question 7

Multiple Choice

At 30 June 2021 the fair value of Green Valley's vineyard is $2.25 million. At 30 June 2022 the following information is available: Fair value of vines prior to harvest at 31 March 2022 $2 400 000
Fair value of grapes harvested at 31 March 2022 $800 000
Estimated costs to sell - grapes $30 000
Estimated costs to sell - vines $40 000
There have been no changes in fair values between 1 April and 30 June 2022.
At 30 June 2022, the vines will be recorded in Green Valley's financial statements at an amount of:

• A) $1 450 000.
• B) $1 560 000.
• C) $2 400 000.
• D) $1 600 000.

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Definitions:

Obligation

A duty or commitment that an individual is bound to by law, promise, moral principles, or social norms, requiring them to act in a certain way.

Closely Intertwined

Deeply connected or linked in a way that makes separation difficult, often describing relationships or processes.

Compromise

An agreement or settlement of a dispute that is reached by each side making concessions.

Sacrifices

Forgoing of personal desires or assets for the benefit of others or for a greater purpose.