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d) se A company paid $9,500,000 for the mineral rights (mine acquisition) of a proven coal...
On April 17, 2018, the Loadstone Mining Company purchased the rights to a coal mine. The...
On April 17, 2018, the Loadstone Mining Company purchased the rights to a coal mine. The purchase price plus additional costs necessary to prepare the mine for extraction of the coal totaled $4,750,000. The company expects to extract 950,000 tons of coal during a four-year period. During 2018, 245,000 tons were extracted and sold immediately. Required: 1. Calculate depletion for 2018.
esce Mineral Resources purchased mineral rights to land in the foothills of the Santa Cristo mountains. The cost of the...
esce Mineral Resources purchased mineral rights to land in the foothills of the Santa Cristo mountains. The cost of the purchase was $9 million. Vesco originally estimated that 200,000 tons of lignite coal was removable. If the company sold 20,000 tons in year 1 and 30,000 tons in year 2, what are the depletion charges each year according to the cost depletion method? a. What is the cost depletion factor R.? b. What is the depletion amount in year 1?...
On April 17, 2021, the Loadstone Mining Company purchased the rights to a coal mine. The purchase price plus additional costs necessary to prepare the mine for extraction of the coal totaled $6,540,000. The company expects to extract 1,090,000 tons of coa
On April 17, 2021, the Loadstone Mining Company purchased the rights to a coal mine. The purchase price plus additional costs necessary to prepare the mine for extraction of the coal totaled $6,540,000. The company expects to extract 1,090,000 tons of coal during a four-year period. During 2021, 259,000 tons were extracted and sold immediately. Required:1. Calculate depletion for 2021.2. Is depletion considered part of the product cost and included in the cost of inventory?
value 5.00 points On April 17,2016, the Loadstone Mining Company purchased the rights to a coal...
value 5.00 points On April 17,2016, the Loadstone Mining Company purchased the rights to a coal mine The purchase price plus additional costs necessary to prepare the mine for extraction of the coal totaled $2,790,000. The company expects to extract 930,000 tons of coal during a four year period. During 2016, 350,000 tons were extracted and sold immediately Required 1. Calculate depletion for 2016
Colorado Mining paid $644,000 to acquire a mine with 46,000 tons of coal reserves. The following...
Colorado Mining paid $644,000 to acquire a mine with 46,000 tons of coal reserves. The following statements model reflects Colorado Mining's financial condition just prior to purchasing the coal reserves. The company extracted 24,150 tons of coal in year 1 and 20,700 tons in year 2. Required a. Compute the depletion charge per unit b-1. Compute the depletion expense for years 1 and 2 in a financial statements 15 points Peint b-2. Record the acquisition of the coal reserves and...
Colorado Mining paid $451,000 to acquire a mine with 41,000 tons of coal reserves. The following...
Colorado Mining paid $451,000 to acquire a mine with 41,000 tons of coal reserves. The following statements model reflects Colorado Mining's financial condition just prior to purchasing the coal reserves. The company extracted 21,525 tons of coal in year 1 and 18,450 tons in year 2 Required a. Compute the depletion charge per unit. b-1. Compute the depletion expense for years 1 and 2 in a financial statements. b-2. Record the acquisition of the coal reserves and the depletion expense...
Colorado Mining paid $559,000 to acquire a mine with 43.000 tons of coal reserves. The following...
Colorado Mining paid $559,000 to acquire a mine with 43.000 tons of coal reserves. The following statements model reflects Colorado Mining's financial condition just prior to purchasing the coal reserves. The company extracted 22.575 tons of coal in year 1 and 19,350 tons in year 2 Required Compute the depletion charge per unit. b-1. Compute the depletion expense for years 1 and 2 in a financial statements. b-2. Record the acquisition of the coal reserves and the depletion expense for...
The Consolidated Mining Company bought the Lowly Coal Mine for $11,600,000 with a residual value of...
The Consolidated Mining Company bought the Lowly Coal Mine for $11,600,000 with a residual value of $1,600,000. The company believes Lowly Mine will yield 200,000 tons of coal over the life ot O00 002e 6am69 26/1 qinenenhs9 ma98 sonoa the mine. THIS year, Lowly hasmiped 75,000 tons of coal, sdheled sg ginsqo annO 15 a.c00-0er o og optheA What is the RATE of depletion for the Lowly Coal Mine? 8 PTS 6EIAo led Tei opledlstigeo4 qo 1iert ho 3newolle fanstnr...
Yellowstone Mining Company had total depletable capitalized costs of $684,000 for a mine acquired in early...
Yellowstone Mining Company had total depletable capitalized
costs of $684,000 for a mine acquired in early 2019. It was
estimated that the mine contained 760,000 tons of recoverable ore
when production began. During 2019, 38,000 tons were mined, and
144,400 tons were mined in 2020.
Required:
1. Compute the depletion expense in 2019 and
2020 for financial accounting purposes.
2-a. In 2019, 38,000 tons of ore were sold for
$3,800,000. For tax purposes, operating expenses of the mine were
$440,000....
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.
esce Mineral Resources purchased mineral rights to land in the foothills of the Santa Cristo mountains. The cost of the purchase was $9 million. Vesco originally estimated that 200,000 tons of lignite coal was removable. If the company sold 20,000 tons in year 1 and 30,000 tons in year 2, what are the depletion charges each year according to the cost depletion method? a. What is the cost depletion factor R.? b. What is the depletion amount in year 1?...
value 5.00 points On April 17,2016, the Loadstone Mining Company purchased the rights to a coal mine The purchase price plus additional costs necessary to prepare the mine for extraction of the coal totaled $2,790,000. The company expects to extract 930,000 tons of coal during a four year period. During 2016, 350,000 tons were extracted and sold immediately Required 1. Calculate depletion for 2016
Colorado Mining paid $644,000 to acquire a mine with 46,000 tons of coal reserves. The following statements model reflects Colorado Mining's financial condition just prior to purchasing the coal reserves. The company extracted 24,150 tons of coal in year 1 and 20,700 tons in year 2. Required a. Compute the depletion charge per unit b-1. Compute the depletion expense for years 1 and 2 in a financial statements 15 points Peint b-2. Record the acquisition of the coal reserves and...
Colorado Mining paid $451,000 to acquire a mine with 41,000 tons of coal reserves. The following statements model reflects Colorado Mining's financial condition just prior to purchasing the coal reserves. The company extracted 21,525 tons of coal in year 1 and 18,450 tons in year 2 Required a. Compute the depletion charge per unit. b-1. Compute the depletion expense for years 1 and 2 in a financial statements. b-2. Record the acquisition of the coal reserves and the depletion expense...
Colorado Mining paid $559,000 to acquire a mine with 43.000 tons of coal reserves. The following statements model reflects Colorado Mining's financial condition just prior to purchasing the coal reserves. The company extracted 22.575 tons of coal in year 1 and 19,350 tons in year 2 Required Compute the depletion charge per unit. b-1. Compute the depletion expense for years 1 and 2 in a financial statements. b-2. Record the acquisition of the coal reserves and the depletion expense for...
The Consolidated Mining Company bought the Lowly Coal Mine for $11,600,000 with a residual value of $1,600,000. The company believes Lowly Mine will yield 200,000 tons of coal over the life ot O00 002e 6am69 26/1 qinenenhs9 ma98 sonoa the mine. THIS year, Lowly hasmiped 75,000 tons of coal, sdheled sg ginsqo annO 15 a.c00-0er o og optheA What is the RATE of depletion for the Lowly Coal Mine? 8 PTS 6EIAo led Tei opledlstigeo4 qo 1iert ho 3newolle fanstnr...
Yellowstone Mining Company had total depletable capitalized
costs of $684,000 for a mine acquired in early 2019. It was
estimated that the mine contained 760,000 tons of recoverable ore
when production began. During 2019, 38,000 tons were mined, and
144,400 tons were mined in 2020.
Required:
1. Compute the depletion expense in 2019 and
2020 for financial accounting purposes.
2-a. In 2019, 38,000 tons of ore were sold for
$3,800,000. For tax purposes, operating expenses of the mine were
$440,000....
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.
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