Homework Answers
Percentage Depletion Allowance = Gross income X % assigned by IRS for copper extraction
| Percentage Depletion Allowance = $5,200,000 x 15% | $ 780,000.00 |
Add Answer to:
2. The 3C Copper Company bought an ore-bearing tract of land for to recover copper reserves....
In 2016, Western Maryland Company paid $3,000,000 for a mining tract with reserves of 100,000 tons...
In 2016, Western Maryland Company paid $3,000,000 for a mining tract with reserves of 100,000 tons of ore, which the company planned to mine over a 20-year period. The company spent $500,000 developing the mine. Western plans to spend $200,000 for reclamation when mining has been completed, after which the land will have an estimated value of $600,000. In 2016, Western mined and sold 8,000 tons of ore. What depletion should Western record for the year? A) $155,000 B) $296,000...
MC Qu. 131 A company purchased a tract... A company purchased a tract of land for...
MC Qu. 131 A company purchased a tract... A company purchased a tract of land for its natural resources at a cost of $1,500,000 It expects to mine 2,000,000 tons of ore from this land. be $250,000 if 150,000 tons of ore are mined during the first year, the jounal entry to record the depleson is The salvage value of the land is expected to Mutiple Choice Debt Depletion Expense $93,750, credt Natural Resources $93.750 Debt Cash S12,600, cedt Natural...
A company purchased a tract of land for its natural resources at a cost of $1,500,000....
A company purchased a tract of land for its natural resources at a cost of $1,500,000. It expects to mine 2,000,000 tons of ore from this land. The salvage value of the land is expected to be $250,000. If 150,000 tons of ore are mined during the first year, the journal entry to record the depletion is: Debit Depletion Expense $93,750; credit Natural Resources $93,750. Debit Depletion Expense $112,500; credit Accumulated Depletion $112,500. Debit Cash $93,750; credit Accumulated Depletion $93,750....
Question 12 Alpha Mining Company recognizes $2 of depletion for each ton of ore mined. During...
Question 12 Alpha Mining Company recognizes $2 of depletion for each ton of ore mined. During 2016, 850,000 tons of ore were mined and 725,000 tons were sold. Using this information, how much should be recorded on June 30 for the following accounts: Accumulated Depletion Inventory Cost of Goods Sold
in proportion Mining Company acquired property with copper ore reserves estimated at 2 million pounds for...
in proportion Mining Company acquired property with copper ore reserves estimated at 2 million pounds for $180 will have an estimated value of $100,000 after the ore has been extracted. Before any ore o Mining Company acqu Arizonia or $1,800,000 Before any ore could be e to incur $500,000 of developmental costs. In the first year, 200,000 pounds wee of ore were sold; in the second year, 400.00 pounds were removed and 410.000 pounds Cclatig aud In the course of...
Alpha Mining Company recognizes $2 of depletion for each ton of ore mined. During 2016, 950,000...
Alpha Mining Company recognizes $2 of depletion for each ton of ore mined. During 2016, 950,000 tons of ore were mined and 825,000 tons were sold. Using this information, how much should be recorded for FY 2016 for the following accounts: 1.accumulated Depletion 2.inventory 3.cost of Goods Sold
Problem 2 On March 25, 2014 Goodnight, Inc. purchased land with iron ore deposits for $10...
Problem 2 On March 25, 2014 Goodnight, Inc. purchased land with iron ore deposits for $10 million. The estimated residual value of the land was $1 million. At the time of purchase a geological survey estimated 4.5 million tons of removable ore were under the ground. In 2014 250,000 tons of ore were mined. A new survey was made during 2015. That survey estimated 3 million tons of ore were available for mining. In 2015 300,000 tons of ore were...
Arizona Mining Company acquired property with copper ore reserves estimated at 2 million pounds for $1,800,000....
Arizona Mining Company acquired property with copper ore reserves estimated at 2 million pounds for $1,800,000. The property will have an estimated value of $100,000 after the ore has been extracted. Before any ore could be re- moved, it was necessary to incur $500,000 of developmental costs. In the first year, 200,000 pounds were removed and 160,000 pounds of ore were sold; in the second year, 400,000 pounds were removed and 410,000 pounds were sold. In the course of the...
On July 23 of the current year, Dakota Mining Co. pays $7,390,320 for land estimated to contain 8,904,000 tons of recoverable ore
On July 23 of the current year, Dakota Mining Co. pays $7,390,320 for land estimated to contain 8,904,000 tons of recoverable ore. li installs machinery costing $801,360 that has a 10 -year life and no salvage value and is capable of mining the ore deposit in eight years. The machinery is paid for on July 25 , seven days before mining operations begin. The company removes and sells 458,250 tons of ore during its first five months of operations ending...
On July 23 of the current year, Dakota Mining Co. pays $6,645,600 for land estimated to contain 8.520,000 tons of recoverable ore
On July 23 of the current year, Dakota Mining Co. pays $6,645,600 for land estimated to contain 8.520,000 tons of recoverable ore. It installs machinery costing $681.600 that has a 10-year life and no salvage value and is capable of mining the ore deposit in eight years. The machinery is paid for on July 25, seven days before mining operations begin. The company removes and sells 437,500 tons of ore during its first five months of operations ending on December...
MC Qu. 131 A company purchased a tract... A company purchased a tract of land for its natural resources at a cost of $1,500,000 It expects to mine 2,000,000 tons of ore from this land. be $250,000 if 150,000 tons of ore are mined during the first year, the jounal entry to record the depleson is The salvage value of the land is expected to Mutiple Choice Debt Depletion Expense $93,750, credt Natural Resources $93.750 Debt Cash S12,600, cedt Natural...
in proportion Mining Company acquired property with copper ore reserves estimated at 2 million pounds for $180 will have an estimated value of $100,000 after the ore has been extracted. Before any ore o Mining Company acqu Arizonia or $1,800,000 Before any ore could be e to incur $500,000 of developmental costs. In the first year, 200,000 pounds wee of ore were sold; in the second year, 400.00 pounds were removed and 410.000 pounds Cclatig aud In the course of...
Problem 2 On March 25, 2014 Goodnight, Inc. purchased land with iron ore deposits for $10 million. The estimated residual value of the land was $1 million. At the time of purchase a geological survey estimated 4.5 million tons of removable ore were under the ground. In 2014 250,000 tons of ore were mined. A new survey was made during 2015. That survey estimated 3 million tons of ore were available for mining. In 2015 300,000 tons of ore were...
Arizona Mining Company acquired property with copper ore reserves estimated at 2 million pounds for $1,800,000. The property will have an estimated value of $100,000 after the ore has been extracted. Before any ore could be re- moved, it was necessary to incur $500,000 of developmental costs. In the first year, 200,000 pounds were removed and 160,000 pounds of ore were sold; in the second year, 400,000 pounds were removed and 410,000 pounds were sold. In the course of the...
On July 23 of the current year, Dakota Mining Co. pays $7,390,320 for land estimated to contain 8,904,000 tons of recoverable ore. li installs machinery costing $801,360 that has a 10 -year life and no salvage value and is capable of mining the ore deposit in eight years. The machinery is paid for on July 25 , seven days before mining operations begin. The company removes and sells 458,250 tons of ore during its first five months of operations ending...
On July 23 of the current year, Dakota Mining Co. pays $6,645,600 for land estimated to contain 8.520,000 tons of recoverable ore. It installs machinery costing $681.600 that has a 10-year life and no salvage value and is capable of mining the ore deposit in eight years. The machinery is paid for on July 25, seven days before mining operations begin. The company removes and sells 437,500 tons of ore during its first five months of operations ending on December...
Most questions answered within 3 hours.
-
Calculate the pH of each of the following solutions.
0.50 M HBr
3.1×10−4 M KOH
4.2×10−5...
asked 1 hour ago -
For the year ended December 31, Depot Max’s cost of merchandise
sold was $85,600. Inventory at the...
asked 1 hour ago -
Week 10 - Professional Memo Assignment
Professional Memo Assignment
Your mission for this week, should you...
asked 1 hour ago -
Write a Python program that stores the data for each
player on the team, and it...
asked 1 hour ago -
In
the last 3 months, mike never knows when he is going to get his
allowance...
asked 1 hour ago -
Is Ca(OH)2 a Bronsted base, Lewis base, or both? Why?
asked 1 hour ago -
1A- Why don’t voters complain about U.S. tariffs on imported
sugar?
Because sugar is only a...
asked 1 hour ago -
Cash Payback Period
Primera Banco is evaluating two capital investment proposals for
a drive-up ATM kiosk,...
asked 1 hour ago -
Create a button in Swift (Xcode) that will create a charge,
create a charge using Stripe's...
asked 1 hour ago -
The reaction rate of CO and NO2 in the reaction
CO(g) + NO2(g) → CO2(g) +...
asked 1 hour ago -
Imagine that a chemist puts 6.40 mol each of
C3H8 and O2 in a 1.00-L container...
asked 2 hours ago -
How much money should be invested today in order to have $8340
at the end of...
asked 2 hours ago