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Homework Answers
| 1 | Depletion per ton = | $4,600,000/920,000 | |
| $5.00 per ton | |||
| Depletion for 2021 = | 242,000 x $5 | ||
| $1,210,000 | |||
| 2 | No, depletion is not considered part of the product cost and | ||
| isn't included in the cost of inventory | |||
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Hello, I am requesting assistance for the following question and please provide an explanation for the...
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
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Hello, I am requesting assistance for the following question. Can you please provide an explanation for...
Hello,
I am requesting assistance for the following question. Can you
please provide an explanation for the correct answer? Thank
you.
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Please help and explain how to get the answers I got incorrect. This is my second...
Please help and explain how to get the answers I got incorrect.
This is my second time posting this, as the first person got it
incorrect. Please note, the answer is NOT 225,570, 36,600
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Hello,
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Hello,
I am requesting assistance for the following question. Can you
please provide an explanation for the correct answer? Thank
you.
At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Accumulated Depreciation and Amortization Category Land Buildings Equipment Automobiles and trucks Leasehold improvements Land improvements Plant Asset $ 168,000 1,150,000 775,000 165,000 202,000 321,900 310,500 93,325 101,000 Depreciation methods and useful lives: Buildings—150% declining balance, 25 years. Equipment—Straight line; 10 years....
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Please help and explain how to get the answers I got incorrect.
This is my second time posting this, as the first person got it
incorrect. Please note, the answer is NOT 225,570, 36,600
Depletion On January 2, 2019, Whistler Company purchased land for $490,000, from which it is estimated that 370,000 tons of ore could be extracted. It estimates that the present value of the cost necessary to restore the land is $85,000, after which it could be sold...
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Hello,
I am requesting assistance with the following problem. Required
4 is where I am having the problem. Can you please provide an
explanation for the correct answer? Thank you.
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