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

question 25

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.
The entry to recognise the grapes at the point of harvest is:

• A) DR Agricultural produce - grapes 830 000 CR Profit and loss 830 000
• B) DR Agricultural produce - grapes 770 000 CR Profit and loss 770 000
• C) DR Agricultural produce - grapes 800 000 CR Biological asset - vines 800 000
• D) DR Agricultural produce - grapes 830 000 CR Cash 30 000
• CR Biological asset - vines 800 000

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Definitions:

Tyrannosaurus Rex

A large, carnivorous dinosaur that lived approximately 68 to 66 million years ago during the late Cretaceous Period, renowned for its massive size, powerful jaws, and sharp teeth.

Evidence

Information or facts that are used to support the validity of a statement, claim, or hypothesis.

Hereditary Connection

The genetic relationship between organisms, determining the transmission of traits from parents to offspring.

Birds

Warm-blooded vertebrates characterized by feathers, beaks without teeth, and the laying of hard-shelled eggs.