Transcribed Image Text: 16. ABC Co.’s biological asset has a fair value less costs to sell of P 100,000 and P120,000, respectively. The year-end adjusting entry will most likely include

Transcribed Image Text: 16. ABC Co.’s biological asset has a fair value less costs to sell of P 100,000 and
P120,000, respectively. The year-end adjusting entry will most likely include
a. a credit to unrealized gain of P 20,000 to be recognized in profit or loss
b. a credit to unrealized gain of P 20, 000 to be recognized in other comprehensive
income
c. a debit to unrealized gain of P 20,000 to be recognized in profit or loss
d. none of these