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The Consolidated Mining Company bought the Lowly Coal Mine for $11,600,000 with a residual value of...
In March, 2017, Mayton Mining Co. purchased a coal mine for $12,000,000. Total possible coal to be mined is estimated at...
In March, 2017, Mayton Mining Co. purchased a coal mine for $12,000,000. Total possible coal to be mined is estimated at 2,000,000 tons. Mayton is required by law to restore the land to a reasonable condition after the conclusion of mining operations at an estimated cost of $750,000. Mayton estimates the land will then be worth $2,000,000. The company incurred $2,800,000 of development costs preparing the mine for production. During 2017, 400,000 tons were removed and 310,000 tons were sold....
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.
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...
Salter Mining Company purchased the Northern Tier Mine for $68 million cash. The mine was estimated...
Salter Mining Company purchased the Northern Tier Mine for $68 million cash. The mine was estimated to contain 3.27 million tons of ore and to have a residual value of $1.2 million. During the first year of mining operations at the Northern Tier Mine, 80,000 tons of ore were mined, of which 14,000 tons were sold. a. Prepare a journal entry to record depletion during the year. b. Show how the Northern Tier Mine, and its accumulated depletion, would appear...
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...
d) se A company paid $9,500,000 for the mineral rights (mine acquisition) of a proven coal...
d) se A company paid $9,500,000 for the mineral rights (mine acquisition) of a proven coal reserve with 36 million recoverable tons. The company plans to mine 2.5 million tons in year 1 and 5 million tons in year 2 followed by 7 million in year 3. The allowable percentage depletion is higher than cost depletion so the actual depletion taken are S S D for year 1 and S EED for year 2. Calculate the cost depletion for the...
Salter Mining Company purchased the Northern Tier Mine for $13 million cash. The mine was estimated...
Salter Mining Company purchased the Northern Tier Mine for $13 million cash. The mine was estimated to contain 4.22 million tons of ore and to have a residual value of $2.2 million. During the first year of mining operations at the Northern Tier Mine, 65,000 tons of ore were mined, of which 12,000 tons were sold. a. Prepare a journal entry to record depletion during the year. b. Show how the Northern Tier Mine, and its accumulated depletion, would appear...
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...
d) se A company paid $9,500,000 for the mineral rights (mine acquisition) of a proven coal reserve with 36 million recoverable tons. The company plans to mine 2.5 million tons in year 1 and 5 million tons in year 2 followed by 7 million in year 3. The allowable percentage depletion is higher than cost depletion so the actual depletion taken are S S D for year 1 and S EED for year 2. Calculate the cost depletion for the...
Salter Mining Company purchased the Northern Tier Mine for $13 million cash. The mine was estimated to contain 4.22 million tons of ore and to have a residual value of $2.2 million. During the first year of mining operations at the Northern Tier Mine, 65,000 tons of ore were mined, of which 12,000 tons were sold. a. Prepare a journal entry to record depletion during the year. b. Show how the Northern Tier Mine, and its accumulated depletion, would appear...
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