Exam 17: Agriculture

Use the following information to answer questions 29 and 30. CowCo is a company that farms dairy cattle. CowCo owns the farmland on which the cattle are located, having purchased it for $1.5 million in 2011. The land is measured at cost under IAS 16. Details of cattle at 30 June 2013 were as follows: During the year ended 30 June 2014 the following occurred: $\bullet$ 200 new cows were purchased at $810 each $\bullet$ 50 heifers matured into cows $\bullet$ 5 heifers died $\bullet$ 100 cows were sold for $830 each $\bullet$ The price change between a heifer and a cow at the time of maturity during the year was estimated to be $500 The following is relevant at 30 June 2014: $\bullet$ The land has been valued at $5.6 million $\bullet$ Fair value less estimated costs to sell are as follows (CowCo has determined that these are the appropriate fair values to use for the purposes of transfers and deaths of heifers): o Cows - $850 /head o Heifers - $350/head -The fair value of cows as at 30 June 2014 is:

Use the following information to answer questions 29 and 30. CowCo is a company that farms dairy cattle. CowCo owns the farmland on which the cattle are located, having purchased it for $1.5 million in 2011. The land is measured at cost under IAS 16. Details of cattle at 30 June 2013 were as follows: During the year ended 30 June 2014 the following occurred: $\bullet$ 200 new cows were purchased at $810 each $\bullet$ 50 heifers matured into cows $\bullet$ 5 heifers died $\bullet$ 100 cows were sold for $830 each $\bullet$ The price change between a heifer and a cow at the time of maturity during the year was estimated to be $500 The following is relevant at 30 June 2014: $\bullet$ The land has been valued at $5.6 million $\bullet$ Fair value less estimated costs to sell are as follows (CowCo has determined that these are the appropriate fair values to use for the purposes of transfers and deaths of heifers): o Cows - $850 /head o Heifers - $350/head -The increase in fair value of livestock attributable to price change is:

Milko owns dairy cattle. The market value of the cattle is calculated by reference to the litres of milk able to be produced and the lactation rate of the cows. The cattle are regularly sold at auction. Costs incurred to transport the cattle to auction are $500 per truck. Each truck can transport approximately 100 cattle. Number of mature cows held at 30 June 2013 5000 Average litres of production per cow 6000 litres Lactation rate 50% Price per litre 40 cents The market value for each cow at 30 June 2013 is:

Increases in fair value over cost in relation to land used for agricultural purposes is recognised in equity when the land is:

Fishy Co operates a fish farm. IAS 41 requires live immature fish to be valued at:

Which of the following would be disclosed in the Statement of Financial Position as a biological asset under IAS 41?