Homework Answers
| Accounts | Debit | Credit |
| Depletion expense [(1500000-250000)*150000/2000000] | $93,750 | |
| Accumulated depletion | $93,750 |
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MC Qu. 131 A company purchased a tract... A company purchased a tract of land for...
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....
A company purchased a tract of land for its natural resources at a cost of $1,981,300....
A company purchased a tract of land for its natural resources at a cost of $1,981,300. It expects to mine 2,170,000 tons of ore from this land. The salvage value of the land is expected to be $267,000. The depletion expense per ton of ore is:
A company purchased a tract of land for its natural resources at a cost of $1,517,300....
A company purchased a tract of land for its natural resources at a cost of $1,517,300. It expects to mine 2,010,000 tons of ore from this land. The salvage value of the land is expected to be $251,000. The depletion expense per ton of ore is: $0.880. $8.008. $6.045. $0.755. $0.630.
A company purchased a tract of land for its natural resources at a cost of $2,042,900....
A company purchased a tract of land for its natural resources at a cost of $2,042,900. It expects to mine 2,190,000 tons of ore from this land. The salvage value of the land is expected to be $269,000. The depletion expense per ton of ore is: Multiple Choice $8.141. $0.933. $0.810. $1.056. $7.594.
.) The total cost of an asset less its accumulated depreciation is calle A) Historical cost. Book value. C) Present...
.) The total cost of an asset less its accumulated depreciation is calle A) Historical cost. Book value. C) Present value D) Current (market) value. E) Replacement cost. 14) A company purchased a delivery yan for $28.000 with a salvag ased a delivery van for $2.00 with a salvage value of $3,000 on September 1, Year 1. It ha Year 1. It has an estimated useful life of 5 years. Using the how much depreciation expense should the company roce...
Flannery Company engages in the exploration and development of many types of natural resources. In the...
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 $1,300,000 a silver mine estimated to contain 119,000 tons of silver ore. July 1, 2018 Purchased for $2,000,000 a tract of timber estimated to yield 1,780,000 board feet of lumber and the residual value of the land was estimated at $134,000. Feb. 1, 2019 Purchased for $2,980,000 a...
Flannery Company engages in the exploration and development of many types of natural resources. In the...
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 $1,840,000 a silver mine estimated to contain 131,000 tons of silver ore. July 1, 2018 Purchased for $2,880,000 a tract of timber estimated to yield 1,770,000 board feet of lumber and the residual value of the land was estimated at $112,000. Feb. 1, 2019 Purchased for $3,870,000 a...
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...
Problem 11-5 (Part Level Submission) Concord Mining Company has purchased a tract of mineral land for...
Problem 11-5 (Part Level Submission) Concord Mining Company has purchased a tract of mineral land for $972,000. It is estimated that this tract will yield 129,600 tons of ore with sufficient mineral content to make mining and processing profitable. It is further estimated that 6,480 tons of ore will be mined the first and last year and 12,960 tons every year in between. (Assume 11 years of mining operations.) The land will have a salvage value of $32,400. The company...
Swifty Mining Company has purchased a tract of mineral land for $1,278,000. It is estimated that...
Swifty Mining Company has purchased a tract of mineral land for
$1,278,000. It is estimated that this tract will yield 170,400 tons
of ore with sufficient mineral content to make mining and
processing profitable. It is further estimated that 8,520 tons of
ore will be mined the first and last year and 17,040 tons every
year in between. (Assume 11 years of mining operations.) The land
will have a salvage value of $42,600.
The company builds necessary structures and sheds...
.) The total cost of an asset less its accumulated depreciation is calle A) Historical cost. Book value. C) Present value D) Current (market) value. E) Replacement cost. 14) A company purchased a delivery yan for $28.000 with a salvag ased a delivery van for $2.00 with a salvage value of $3,000 on September 1, Year 1. It ha Year 1. It has an estimated useful life of 5 years. Using the how much depreciation expense should the company roce...
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 $1,840,000 a silver mine estimated to contain 131,000 tons of silver ore. July 1, 2018 Purchased for $2,880,000 a tract of timber estimated to yield 1,770,000 board feet of lumber and the residual value of the land was estimated at $112,000. Feb. 1, 2019 Purchased for $3,870,000 a...
Swifty Mining Company has purchased a tract of mineral land for
$1,278,000. It is estimated that this tract will yield 170,400 tons
of ore with sufficient mineral content to make mining and
processing profitable. It is further estimated that 8,520 tons of
ore will be mined the first and last year and 17,040 tons every
year in between. (Assume 11 years of mining operations.) The land
will have a salvage value of $42,600.
The company builds necessary structures and sheds...
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