At the beginning of 2020, Pharoah Company acquired a mine for $1,838,400. Of this amount, $111,000...
At the beginning of 2020, Pharoah Company acquired a mine for
$1,838,400. Of this amount, $111,000 was ascribed to the land value
and the remaining portion to the minerals in the mine. Surveys
conducted by geologists have indicated that approximately
13,070,000 units of ore appear to be in the mine. Pharoah incurred
$188,700 of development costs associated with this mine prior to
any extraction of minerals. It also determined that the fair value
of its obligation to prepare the land for an alternative use when
all of the mineral has been removed was $44,400. During 2020,
2,509,000 units of ore were extracted and 1,894,000 of these units
were sold.
Compute the following.
The total amount of depletion for 2020. (Round per
unit answer to 2 decimal places, e.g. 0.45 for computational
purpose and final answer to 0 decimal places, e.g.
45,892.)
| Depletion for 2020 | : |
The amount that is charged as an expense for 2020 for the cost
of the minerals sold during 2020.(Round per unit answer
to 2 decimal places, e.g. 0.45 for computational purpose and final
answer to 0 decimal places, e.g. 45,892.)
| Amount that is charged as an expense for 2020 | : |
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At the beginning of 2020, Pharoah Company acquired a mine for
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Send to Gradebook < Prev Next > Question 10 View Policies Current Attempt in Progress At...
Send to Gradebook < Prev Next > Question 10 View Policies Current Attempt in Progress At the beginning of 2020, Bridgeport Company acquired a mine for $2,398,400. Of this amount, $116,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists have indicated that approximately 12,630,000 units of ore appear to be in the mine. Bridgeport incurred $197,200 of development costs associated with this mine prior to any extraction of...
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At the beginning of 2020, Pharoah Company acquired a mine for $2,762,400. Of this amount, $120,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists have indicated that approximately 12,060,000 units of ore appear to be in the mine. Pharoah incurred $204,000 of development costs associated with this mine prior to any extraction of minerals. It also determined that the fair value of its obligation to prepare the land...
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Question 10 View Policies Show Attempt History Current Attempt in Progress At the beginning of 2020, Sheridan Company acquired a mine for $691,000. Of this amount, $103,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists have indicated that approximately 11,490,000 units of ore appear to be in the mine. Sheridan incurred $175,100 of development costs associated with this mine prior to any extraction of minerals. It also determined...
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< Prev Send to Gradebook Question 8 View Policies Current Attempt in Progress At the beginning of 2020, Marigold Company acquired a mine for $691,000. Of this amount, $103,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists have indicated that approximately 11,490,000 units of ore appear to be in the mine. Marigold incurred $175,100 of development costs associated with this mine prior to any extraction of...
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