Honey Company has a herd of 10 2-year old animals on January 1, 2019. One animal aged 2.5 years was purchased on July 1, 2019 for P108, and one animal was born on July 1, 2019. No animals were sold or...

Extracted text: Honey Company has a herd of 10 2-year old animals on January 1, 2019. One animal aged 2.5 years was purchased on July 1, 2019 for P108, and one animal was born on July 1, 2019. No animals were sold or disposed during the year. The active market provided the following fair value less cost to sell: 2- year old animal on January 1 2.5 - year old animal on July 1 New born animal on July 1 2- year old animal on December 31 2.5 - year old animal on December 31 New borm animal on December 31 100 108 70 105 111 72 3- year old animal on December 31 0.5 - year old animal on December 31 120 80 Required: 1. Prepare all indicated entries for the current year to recognize the transactions relating to the biological asset. 2. Indicate the financial statement presentation of the accounts related to the biological assets.