2.Welcome Farms Ltd. uses IFRS and has an April 30year-end.
Welcome Farms raises beef calves for market. Prepare journal
entries for the following:
On November 30, 2017, the farm purchased 20 calves at a total
cost of $2,800. The farm capitalizes feed and labour costs incurred
to look after the calves. These costs amount to $175per month.
Account name
Dr
Cr
On April 30, 2018, the calves had a fair value of $4,900. The
farm estimated that the calves would...