Marigold Corporation, a publicly traded mining company
Marigold Corporation, a publicly traded mining company, acquires a mine at a cost of $620,000. Capitalized development costs total $132,000. After the mine is depleted, $80,500 will be spent to restore the property, after which it can be sold for $157,500. Marigold estimates that 5,000 tonnes of ore can be mined. Assuming that 890 tonnes are extracted in the first year, prepare the journal entry to record depletion. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round per tonne to 2 decimal places, e.g. 15.75 and final answer to 0 decimal places, e.g. 1,575.)
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Monty Corporation, a publicly traded mining company, acquires a mine at a cost of $530,000. Capitalized...
Monty Corporation, a publicly traded mining company, acquires a mine at a cost of $530,000. Capitalized development costs total $133,500. After the mine is depleted, $77,500 will be spent to restore the property, after which it can be sold for $160,000. Monty estimates that 5,000 tonnes of ore can be mined. Assuming that 850 tonnes are extracted in the first year, prepare the journal entry to record depletion. (Credit account titles are automatically indented when the anount is entered. Do...
Current Attempt in Progress On July 1, 2021, Teal Mountain Exploration invests $1.33 million in a...
Current Attempt in Progress On July 1, 2021, Teal Mountain Exploration invests $1.33 million in a mine that is estimated to have 750,000 tonnes of ore. The company estimates that the property will be sold for $100,000 when production at the mine has ended. During the last six months of 2021,100,000 tonnes of ore are mined and sold. Teal Mountain has a December 31 fiscal year end. Record the 2021 depletion. (Credit account titles are automatically indented when the amount...
Brief Exercise 10-11 a1-b (Part Level Submission) Grouper Mining Co. purchased for $6,141,000 a mine that...
Brief Exercise 10-11 a1-b (Part Level Submission) Grouper Mining Co. purchased for $6,141,000 a mine that is estimated to have 40,940,000 tons of ore and no salvage value. In the first year, 13,820,000 tons of ore are extracted. (af) your answer is correct. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit .15 perton Click if you would like to Show Work for this question: pen Show Work (a2) your answer is...
Skysong Corporation acquires a coal mine at a cost of $424,000. Intangible development costs total $106,000....
Skysong Corporation acquires a coal mine at a cost of $424,000. Intangible development costs total $106,000. After extraction has occurred, Skysong must restore the property (estimated fair value of the obligation is $84,800), after which it can be sold for $169,600. Skysong estimates that 4,240 tons of coal can be extracted. If 742 tons are extracted the first year, prepare the journal entry to record depletion. (If no entry is required, select "No entry" for the account titles and enter...
Coronado Corporation acquires a coal mine at a cost of $448,000. Intangible development costs total $112,000....
Coronado Corporation acquires a coal mine at a cost of $448,000. Intangible development costs total $112,000. After extraction has occurred, Coronado must restore the property (estimated fair value of the obligation is $89,600), after which it can be sold for $179,200. Coronado estimates that 4,480 tons of coal can be extracted. If 784 tons are extracted the first year, prepare the journal entry to record depletion. (If no entry is required, select "No entry" for the account titles and enter...
Cullumber Corporation acquires a coal mine at a cost of $424,000. Intangible development costs total $106,000....
Cullumber Corporation acquires a coal mine at a cost of
$424,000. Intangible development costs total $106,000. After
extraction has occurred, Cullumber must restore the property
(estimated fair value of the obligation is $84,800), after which it
can be sold for $169,600. Cullumber estimates that 4,240 tons of
coal can be extracted.
If 742 tons are extracted the first year, prepare the journal entry
to record depletion. (If no entry is required, select
"No entry" for the account titles and enter...
explanation very appreciated Sunland Corporation acquires a coal mine at a cost of $452,000. Intangible development...
explanation very appreciated
Sunland Corporation acquires a coal mine at a cost of $452,000. Intangible development costs total $113,000. After extraction has occurred, Sunland must restore the property (estimated fair value of the obligation is $90,400), after which it can be sold for $180,800. Sunland estimates that 4,520 tons of coal can be extracted. If 791 tons are extracted the first year, prepare the journal entry to record depletion. (If no entry is required, select "No entry" for the account...
Question 2 Wildhorse Corporation acquires a coal mine at a cost of $472,000. Intangible development costs...
Question 2 Wildhorse Corporation acquires a coal mine at a cost of $472,000. Intangible development costs total $118,000. After extraction has occurred, Wildhorse must restore the property (estimated fair value of the obligation is $94,400), after which it can be sold for $188,800. Wildhorse estimates that 4,720 tons of coal can be extracted. If 826 tons are extracted the first year, prepare the journal entry to record depletion. (If no entry is required, select "No entry" for the account titles...
Waterway Inc. owns the following assets. Estimated Useful Salvage Asset Cost Life $72,100 $7,210 10 years...
Waterway Inc. owns the following assets. Estimated Useful Salvage Asset Cost Life $72,100 $7,210 10 years 5 years 53,200 5,320 4,840 12 years C 99,220 Compute the composite depreciation rate and the composite life of Waterway's assets. (Ro place, e.g. 4.8% or 4.8 years.) Composite depreciation rate years Composite life Sheridan Corporation acquires a coal mine at a cost of $428,000. Intangible development costs total $107,000. After extraction has occurred, Sheridan must restore the property (estimated fair value of the...
Dominum Corp. is a mining company that mines, produces, and markets teledine, a common mineral substance. The mine...
Dominum Corp. is a mining company that mines, produces, and markets teledine, a common mineral substance. The mineral is mined and produced in one large batch per year, as the mine is accessible only for a brief period in the summer due to severe weather conditions at the mine site. Dominum has an advance purchase contract with one customer that takes all of Dominum's output each year. The agreement allows the customer to return defective product for up to 60...
Monty Corporation, a publicly traded mining company, acquires a mine at a cost of $530,000. Capitalized development costs total $133,500. After the mine is depleted, $77,500 will be spent to restore the property, after which it can be sold for $160,000. Monty estimates that 5,000 tonnes of ore can be mined. Assuming that 850 tonnes are extracted in the first year, prepare the journal entry to record depletion. (Credit account titles are automatically indented when the anount is entered. Do...
Current Attempt in Progress On July 1, 2021, Teal Mountain Exploration invests $1.33 million in a mine that is estimated to have 750,000 tonnes of ore. The company estimates that the property will be sold for $100,000 when production at the mine has ended. During the last six months of 2021,100,000 tonnes of ore are mined and sold. Teal Mountain has a December 31 fiscal year end. Record the 2021 depletion. (Credit account titles are automatically indented when the amount...
Brief Exercise 10-11 a1-b (Part Level Submission) Grouper Mining Co. purchased for $6,141,000 a mine that is estimated to have 40,940,000 tons of ore and no salvage value. In the first year, 13,820,000 tons of ore are extracted. (af) your answer is correct. Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit .15 perton Click if you would like to Show Work for this question: pen Show Work (a2) your answer is...
Coronado Corporation acquires a coal mine at a cost of $448,000. Intangible development costs total $112,000. After extraction has occurred, Coronado must restore the property (estimated fair value of the obligation is $89,600), after which it can be sold for $179,200. Coronado estimates that 4,480 tons of coal can be extracted. If 784 tons are extracted the first year, prepare the journal entry to record depletion. (If no entry is required, select "No entry" for the account titles and enter...
Cullumber Corporation acquires a coal mine at a cost of
$424,000. Intangible development costs total $106,000. After
extraction has occurred, Cullumber must restore the property
(estimated fair value of the obligation is $84,800), after which it
can be sold for $169,600. Cullumber estimates that 4,240 tons of
coal can be extracted.
If 742 tons are extracted the first year, prepare the journal entry
to record depletion. (If no entry is required, select
"No entry" for the account titles and enter...
explanation very appreciated
Sunland Corporation acquires a coal mine at a cost of $452,000. Intangible development costs total $113,000. After extraction has occurred, Sunland must restore the property (estimated fair value of the obligation is $90,400), after which it can be sold for $180,800. Sunland estimates that 4,520 tons of coal can be extracted. If 791 tons are extracted the first year, prepare the journal entry to record depletion. (If no entry is required, select "No entry" for the account...
Question 2 Wildhorse Corporation acquires a coal mine at a cost of $472,000. Intangible development costs total $118,000. After extraction has occurred, Wildhorse must restore the property (estimated fair value of the obligation is $94,400), after which it can be sold for $188,800. Wildhorse estimates that 4,720 tons of coal can be extracted. If 826 tons are extracted the first year, prepare the journal entry to record depletion. (If no entry is required, select "No entry" for the account titles...
Waterway Inc. owns the following assets. Estimated Useful Salvage Asset Cost Life $72,100 $7,210 10 years 5 years 53,200 5,320 4,840 12 years C 99,220 Compute the composite depreciation rate and the composite life of Waterway's assets. (Ro place, e.g. 4.8% or 4.8 years.) Composite depreciation rate years Composite life Sheridan Corporation acquires a coal mine at a cost of $428,000. Intangible development costs total $107,000. After extraction has occurred, Sheridan must restore the property (estimated fair value of the...
Dominum Corp. is a mining company that mines, produces, and markets teledine, a common mineral substance. The mineral is mined and produced in one large batch per year, as the mine is accessible only for a brief period in the summer due to severe weather conditions at the mine site. Dominum has an advance purchase contract with one customer that takes all of Dominum's output each year. The agreement allows the customer to return defective product for up to 60...
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