Lucy's Llamas purchased 1,000 llamas on January 1, 2011.These llamas will be sheared semiannually and their wool sold to specialty clothing manufacturers.The llamas were purchased for $148,000.During 2011 the change in fair value due to growth and price changes is $9,400, the wool harvested but not yet sold is valued at net realizable value of $18,000, and the change in fair value due to harvest is ($1,150).On Lucy's Llamas income statement for the year ending December 31, 2011, what amount of unrealized gain on biological assets will be reported?

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The Answer of Lucy's Llamas purchased 1,000 llamas on January 1, 2011.These llamas will be sheared semiannually and their wool sold to specialty clothing manufacturers.The llamas were purchased for $148,000.During 2011 the change in fair value due to growth and price changes is $9,400, the wool harvested but not yet sold is valued at net realizable value of $18,000, and the change in fair value due to harvest is ($1,150).On Lucy's Llamas income statement for the year ending December 31, 2011, what amount of unrealized gain on biological assets will be reported?

Lucy's Llamas Purchased 1,000 Llamas on January 1, 2011