Homework Answers
| Cost of Mineral rights | 8480500 |
| Divide by Total estimated tons | 632000 |
| Depletion cost per ton | 13.42 |
| Tons sold in 2019 | 75000 |
| X Depletion cost per ton | 13.42 |
| Cost depletion for 2019 | 1006500 |
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Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a...
Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a...
Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a mineral interest for $8,563,000. At that time, the remaining recoverable units in the mineral interest are estimated to be 804,200 tons. If required, round any division to two decimal places and use in subsequent computations. Round your final answer to the nearest dollar. If 723,780 tons are mined and 120,630 tons are sold this year, calculate Parscale's cost depletion for 2019.
Exercise 8-28 (Algorithmic) (LO. 7) On October 1, 2019, Priscilla purchased a business. Of the purchase...
Exercise 8-28 (Algorithmic) (LO. 7) On October 1, 2019, Priscilla purchased a business. Of the purchase price, $94,000 is allocated to a patent and $564,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Calculate Priscilla's 2019 $ 197 amortization deduction. $ 7,250 X
On january 15, 2019, Vern purchased the rights to a mineral interest for $2,500,000. At the...
On january 15, 2019, Vern purchased the rights to a mineral interest for $2,500,000. At the time it was estimated that the recoverable units would be 500,000. During the year, 40,000 units were mined and 25,000 units were sold for $800,000. Vern incurred expenses during 2019 of $500,000. The percentage depletion rate is 22%. Determine Vern's depletion deduction for 2019.
Exercise 13-30 (Algorithmic) (LO. 3) Sebastian purchases two pieces of equipment for $117,000. Appraisals of the...
Exercise 13-30 (Algorithmic) (LO. 3) Sebastian purchases two pieces of equipment for $117,000. Appraisals of the equipment indicate that the fair market value of the first piece of equipment is $81,900 and that of the second piece of equipment is $128,700. What is Sebastian's basis in these two assets? If required, round your interim calculations to two decimal places. Use rounded amounts in subsequent computations. If required, round final answers to the nearest dollar. Sebastian's basis for the first piece...
On January 2, 2019, Whistler Company purchased land for $420,000, from which it is estimated that...
On January 2, 2019, Whistler Company purchased land for $420,000, from which it is estimated that 440,000 tons of ore could be extracted. It estimates that the present value of the cost necessary to restore the land is $77,000, after which it could be sold for $24,000. During 2019, Whistler mined 76,000 tons and sold 56,000 tons. During 2020, Whistler mined 105,000 tons and sold 106,000 tons. At the beginning of 2021, Whistler spent an additional $100,000, which increased the...
Exercise 10-22 (Algorithmic) (LO. 8) Pedro, who is a single taxpayer, had AGI of $371,000 for...
Exercise 10-22 (Algorithmic) (LO. 8) Pedro, who is a single taxpayer, had AGI of $371,000 for 2017. He incurred the following expenses during the year * Medical expenses before 10%-of-AGI limitation $17,180 State and local income taxes $11,130 - Real estate taxes $2,226 Home mortgage interest $18,550 . Charitable contributions $4,452 Deductible investment interest expense $1,670 after any applicable reductions and/or limitations. Round your computations to the Compute the amount of Pedro's itemized depductions nearest dollar and use rounded amounts...
Problem 13-53 (Algorithmic) (LO. 1, 2, 3) Kevin purchases 1,000 shares of Bluebird Corporation stock on...
Problem 13-53 (Algorithmic) (LO. 1, 2, 3) Kevin purchases 1,000 shares of Bluebird Corporation stock on October 3, 2019, for $175,000. On December 12, 2019, Kevin purchases an additional 750 shares of Bluebird stock for $122,500. According to market quotations, Bluebird stock is selling for $175 per share on 12/31/19. Kevin sells 500 shares of Bluebird stock on March 1, 2020, for $98,000. a. The adjusted basis of Kevin's Bluebird stock on December 31, 2019, is $ b. What is...
Exercise 5-5 (Algorithmic) (LO. 6) Tabitha sells real estate on March 2 of the current year...
Exercise 5-5 (Algorithmic) (LO. 6) Tabitha sells real estate on March 2 of the current year for $341,200. The buyer, Ramona, pays the real estate taxes of $17,060 for the calendar year, which is the real estate property tax year. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the...
Problem 8-34A Accounting for depletion LO 8-7, 8-9 Flannery Company engages in the exploration and development...
Problem 8-34A Accounting for depletion LO 8-7, 8-9 Flannery Company engages in the exploration and development of many types of natural resources. In the last two years, the company has engaged in the following activities: Jan. 1, Year 1 Purchased for $215,000 a silver mine estimated to contain 784,000 tons of silver ore. July 1, Year 1 Purchased for $1,820,000 cash a tract of land containing timber estimated to yield 2,940,000 board feet of lumber. At the time of purchase,...
Problem 6-33 Accounting for depletion LO 6-8 Flannery Company engages in the exploration and development of...
Problem 6-33 Accounting for depletion LO 6-8 Flannery Company engages in the exploration and development of many types of natural resources. In the last two years, the company has engaged in the following activities: Jan. 1, 2018 Purchased for $1,590,000 a silver mine estimated to contain 116,000 tons of silver ore. July 1, 2018 Purchased for $1,890,000 a tract of timber estimated to yield 1,720,000 board feet of lumber and the residual value of the land was estimated at $126,000....
Exercise 8-29 (Algorithmic) (LO. 8) On March 25, 2019, Parscale Company purchases the rights to a mineral interest for $8,563,000. At that time, the remaining recoverable units in the mineral interest are estimated to be 804,200 tons. If required, round any division to two decimal places and use in subsequent computations. Round your final answer to the nearest dollar. If 723,780 tons are mined and 120,630 tons are sold this year, calculate Parscale's cost depletion for 2019.
Exercise 8-28 (Algorithmic) (LO. 7) On October 1, 2019, Priscilla purchased a business. Of the purchase price, $94,000 is allocated to a patent and $564,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Calculate Priscilla's 2019 $ 197 amortization deduction. $ 7,250 X
Exercise 10-22 (Algorithmic) (LO. 8) Pedro, who is a single taxpayer, had AGI of $371,000 for 2017. He incurred the following expenses during the year * Medical expenses before 10%-of-AGI limitation $17,180 State and local income taxes $11,130 - Real estate taxes $2,226 Home mortgage interest $18,550 . Charitable contributions $4,452 Deductible investment interest expense $1,670 after any applicable reductions and/or limitations. Round your computations to the Compute the amount of Pedro's itemized depductions nearest dollar and use rounded amounts...
Problem 13-53 (Algorithmic) (LO. 1, 2, 3) Kevin purchases 1,000 shares of Bluebird Corporation stock on October 3, 2019, for $175,000. On December 12, 2019, Kevin purchases an additional 750 shares of Bluebird stock for $122,500. According to market quotations, Bluebird stock is selling for $175 per share on 12/31/19. Kevin sells 500 shares of Bluebird stock on March 1, 2020, for $98,000. a. The adjusted basis of Kevin's Bluebird stock on December 31, 2019, is $ b. What is...
Exercise 5-5 (Algorithmic) (LO. 6) Tabitha sells real estate on March 2 of the current year for $341,200. The buyer, Ramona, pays the real estate taxes of $17,060 for the calendar year, which is the real estate property tax year. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the...
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