Accounting for Biological and Agricultural Assets
Woods' Apiary Began Operations $\quad$

Essay

Accounting for biological and agricultural assets
Woods' Apiary began operations on April 1, 2020, with the purchase of 220 hives for $1,204,000. It has completed the first month of operations and has the following information for its hives at the end of 2020:
Hives
Change in fair value due to growth and price change $\quad$$\quad$$\quad$$\$ ( 14,000 )$
Decrease in fair value due to harvet $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\$( 800 )$
Honey harvected during April 2000 (at net realizable value) $\quad$ $ 2,500 Instructions
Prepare the journal entries for Woods' bio agricultural assets (beehives) for the month of April 2020.