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tion base Average depletion rate - Cost- Residual value Knowledge Check 01 Manson Company incurred costs...
Fitzgerald Oil and Gas incurred costs of $9.24 million for the acquisition and development of a...
Fitzgerald Oil and Gas incurred costs of $9.24 million for the acquisition and development of a natural gas deposit. The company expects to extract 4.20 million cubic feet of natural gas during a four-year period. Natural gas extracted during years 1 and 2 were 820,000 and 920,000 cubic feet, respectively. What was the depletion for year 1 and year 2 (Enter your answers in whole dollars.) Year 2 depletion
Fitzgerald Oil and Gas incurred costs of $8.80 million for the acquisition and development of a...
Fitzgerald Oil and Gas incurred costs of $8.80 million for the acquisition and development of a natural gas deposit. The company expects to extract 3.20 million cubic feet of natural gas during a four-year period. Natural gas extracted during years 1 and 2 were 720,000 and 820,000 cubic feet, respectively. What was the depletion for year 1 and year 2? (Do not round your intermediate calculation. Enter your answers in whole dollars.) Year 1 depletion Year 2 depletion
Knowledge Check 01 Last year, Mountain Top, Inc., purchased a coal mine at a cost of...
Knowledge Check 01 Last year, Mountain Top, Inc., purchased a coal mine at a cost of $900,000. The salvage value has been estimated at $100,000. The coal mine has an estimated 200,000 tons of available coal. A total of 70,000 tons were mined and sold during the current year Complete the necessary adjusting journal entry to record depletion expense for the current year by selecting the account names from the drop-down menus and entering the dollar amounts in the debit...
Partial-Year Depreciation Equipment acquired at a cost of $67,000 has an estimated residual value of $4,000...
Partial-Year Depreciation Equipment acquired at a cost of $67,000 has an estimated residual value of $4,000 and an estimated useful life of 10 years. It was placed into service on April 1 of the current fiscal year, which ends on December 31 If necessary, round your answers to the nearest cent a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Depreciation Year 1 Year 2 b. Determine the depreciation for...
Units-of-activity Depreciation A truck acquired at a cost of $420,000 has an estimated residual value of...
Units-of-activity Depreciation A truck acquired at a cost of $420,000 has an estimated residual value of $21,750, has an estimated useful life of 59,000 miles, and was driven 5,300 miles during the year. Determine the following. If required, round your answer for the depreciation rate to two decimal places. (a) The depreciable cost $ (b) The depreciation rate $ per mile (c) The units-of-activity depreciation for the year $ Double-Declining-Balance Depreciation A building acquired at the beginning of the year...
Problem 11-13 Depreciation and depletion; change in useful life; asset retirement obligation; Chapters 10 and 11...
Problem 11-13 Depreciation and depletion; change in useful life; asset retirement obligation; Chapters 10 and 11 [LO11-2, 11-3, 11-5] On May 1, 2018, Hecala Mining entered into an agreement with the state of New Mexico to obtain the rights to operate a mineral mine in New Mexico for $9 million. Additional costs and purchases included the following (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from...
16. A machine with a cost of $80,000 has an estimated residual value of $5,000 and...
16. A machine with a cost of $80,000 has an estimated residual value of $5,000 and an estimated life of 5 years or 15.000 hours. It is to be depreciated by the units-of-production method. What is the amount of depreciation for the second full year, during which the machine was used 5,000 hours? a $5.000 b. $25,000 c. $15,000 d $26,667 17. Computer equipment was acquired at the beginning of the year at a cost of $65,000 that has an...
Question 16 (1 point) Clark Oil and Gas incurred costs of $15.3 million for the rights...
Question 16 (1 point) Clark Oil and Gas incurred costs of $15.3 million for the rights to extract resources from a natural gas deposit. The company expects to extract 8 million cubic feet of natural gas during a six-year period. Natural gas extracted during years 1 and 2 were 800,000 and 1,600,000 cubic feet, respectively. What was total depletion for year 1 and year 2, assuming the company uses the units-of-production method? $5.10 million. $3.06 million $8.00 million $4.59 million....
Fitzgerald Oil and Gas incurred costs of $9.24 million for the acquisition and development of a natural gas deposit. The company expects to extract 4.20 million cubic feet of natural gas during a four-year period. Natural gas extracted during years 1 and 2 were 820,000 and 920,000 cubic feet, respectively. What was the depletion for year 1 and year 2 (Enter your answers in whole dollars.) Year 2 depletion
Fitzgerald Oil and Gas incurred costs of $8.80 million for the acquisition and development of a natural gas deposit. The company expects to extract 3.20 million cubic feet of natural gas during a four-year period. Natural gas extracted during years 1 and 2 were 720,000 and 820,000 cubic feet, respectively. What was the depletion for year 1 and year 2? (Do not round your intermediate calculation. Enter your answers in whole dollars.) Year 1 depletion Year 2 depletion
Knowledge Check 01 Last year, Mountain Top, Inc., purchased a coal mine at a cost of $900,000. The salvage value has been estimated at $100,000. The coal mine has an estimated 200,000 tons of available coal. A total of 70,000 tons were mined and sold during the current year Complete the necessary adjusting journal entry to record depletion expense for the current year by selecting the account names from the drop-down menus and entering the dollar amounts in the debit...
Partial-Year Depreciation Equipment acquired at a cost of $67,000 has an estimated residual value of $4,000 and an estimated useful life of 10 years. It was placed into service on April 1 of the current fiscal year, which ends on December 31 If necessary, round your answers to the nearest cent a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Depreciation Year 1 Year 2 b. Determine the depreciation for...
16. A machine with a cost of $80,000 has an estimated residual value of $5,000 and an estimated life of 5 years or 15.000 hours. It is to be depreciated by the units-of-production method. What is the amount of depreciation for the second full year, during which the machine was used 5,000 hours? a $5.000 b. $25,000 c. $15,000 d $26,667 17. Computer equipment was acquired at the beginning of the year at a cost of $65,000 that has an...
Question 16 (1 point) Clark Oil and Gas incurred costs of $15.3 million for the rights to extract resources from a natural gas deposit. The company expects to extract 8 million cubic feet of natural gas during a six-year period. Natural gas extracted during years 1 and 2 were 800,000 and 1,600,000 cubic feet, respectively. What was total depletion for year 1 and year 2, assuming the company uses the units-of-production method? $5.10 million. $3.06 million $8.00 million $4.59 million....
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