Nerang Orange Farms Ltd has orange trees that on 30 June 2012 had a fair value of $1 600 000.On 30 April 2013,oranges with an estimated market value of $300 000 were picked.The costs of picking,sorting and packing paid in cash amount to $150 000.The oranges were sold on the same day for $310 000.An independent valuation on 30 June 2013 reports that the estimated fair value of the orange trees is $1 500 000.What is the journal entry to recognise the harvest of oranges on 30 April 2013?
A)

\begin{array} { | l | l | l | l | } \hline \mathrm { Dr } & \text { Inventory—oranges } & \$ 310000 & \\\hline \mathrm { Cr } & \text { Revenue-harvest of oranges } & & \$ 310000 \\\hline\end{array}

\begin{array} { | l | l | l | l | } \hline \mathrm { Dr } & \text { Inventory-oranges } & \$ 300000 & \\\hline \mathrm { Cr } & \text { Revenue-harvest of oranges } & & \$ 150000 \\\hline \mathrm { CR } & \text { Cash } & & \$ 150000 \\\hline\end{array}

\begin{array} { | l | l | l | l | } \hline \mathrm { Dr } & \text { Inventory–oranges } & \$ 310000 & \\\hline \mathrm { Cr } & \text { Orange farm (asset) } & & \$ 310000 \\\hline\end{array}

\begin{array} { | l | l | l | l | } \hline \mathrm { Dr } & \text { Orange farm (asset) } & \$ 300000 & \\\hline \mathrm { Cr } & \text { Revenue-harvest of oranges } & & \$ 150000 \\\hline \mathrm { CR } & \text { Cash } & & \$ 150000 \\\hline\end{array}

When Valuing Assets,the Travel-Cost Method (TCM)uses the Costs Incurred by Individuals

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