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Marigold Corp. acquires a coal mine at a cost of $1790000. Intangible development costs total $358000....
Vaughn Manufacturing acquires a coal mine at a cost of $1870000. Intangible development costs total $354000....
Vaughn Manufacturing acquires a coal mine at a cost of $1870000. Intangible development costs total $354000. After extraction has occurred, Vaughn must restore the property (estimated fair value of the obligation is $188000), after which it can be sold for $220000. Vaughn estimates that 6000 tons of coal can be extracted. What is the amount of depletion per ton? $312 $402 $365 $330
Sheridan Company acquires a coal mine at a cost of $1750000. Intangible development costs total $358000....
Sheridan Company acquires a coal mine at a cost of $1750000. Intangible development costs total $358000. After extraction has occurred. Sheridan must restore the property estimated fair value of the obligation is $190000), after which it can be sold for $202000. Sheridan estimates that 5000 tons of coal can be extracted. What is the amount of depletion per ton? O $160 O $384 O $350 O $419
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...
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...
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...
Joe, Inc. acquires a copper mine at a cost of $1,000,000 in 2010. Intangible development costs...
Joe, Inc. acquires a copper mine at a cost of $1,000,000 in 2010. Intangible development costs are $240,000 and the cost of tangible equipment is $60,000. After extraction has occurred, Joe, Inc. must restore the property. The estimated fair value of the restoration cost is $40,000. The residual value of the copper mine is $100,000. It is estimated that 5,000 tons of copper can be extracted. In the year of acquisition, 2,100 tons were extracted and 500 tons were sold....
Perez Company acquires an ore mine at a cost of $3,080,000. It incurs additional costs of...
Perez Company acquires an ore mine at a cost of $3,080,000. It incurs additional costs of $862,400 to access the mine, which is estimated to hold 2,200,000 tons of ore. 240,000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $440,000. Calculate the depletion expense from the information given. Cost Salvage Amount Subject to depletion Total units of capacity Depletion per unit Units extracted and sold in...
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....
Sheridan Company acquires a coal mine at a cost of $1750000. Intangible development costs total $358000. After extraction has occurred. Sheridan must restore the property estimated fair value of the obligation is $190000), after which it can be sold for $202000. Sheridan estimates that 5000 tons of coal can be extracted. What is the amount of depletion per ton? O $160 O $384 O $350 O $419
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...
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...
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...
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