Homework Answers
| Acquisation cost of mineral mine | 4,300,000 | ||
| Cost of land | 390,000 | ||
| Mineral that could be extracted | 10,000,000 | units | |
| Depreciable value | 3,910,000 | ||
| Mineral extracted in 2017 | 1,500,000 | units | |
| Depletion for 2017 | = 3910,000 * | 1500,000/10,000,000 | |
| = 586,500 | |||
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View Policies Current Attempt in Progressa During 2017, Coronado Industries acquired a mineral mine for $4300000...
Question 3 Current Atterin Progres in January 2017.Crane Company purchased mineraline for 55500000 with removable ested...
Question 3 Current Atterin Progres in January 2017.Crane Company purchased mineraline for 55500000 with removable ested by o the r ty has estimated $ 2 00 there has been extracted. The company incurred $1000 of development costs preparing the mine for production. During 2017, 620000 tons wereoved and 54000 tons were sold What is the amount of depletion that Crane should expense for 2017 12000 $16000 2000 View Policies Current Attempt in Progress During 2017 Coronado Industries acquired a mineral...
Current Attempt in Progress On January 1, 2017, Oriole Company purchased a new machine for $4220000....
Current Attempt in Progress On January 1, 2017, Oriole Company purchased a new machine for $4220000. The new machine has an estimated useful life of nine years and the salvage value was estimated to be $152000. Depreciation was computed using the sum-of-the-years.digits method. What amount should be shown in Oriole's balance sheet at December 31, 2018, net of accumulated depreciation, for this machine? Question 4 View Policies Current Attempt in Progress During 2017, Coronado Industries acquired a mineral mine for...
In January 2017, Crane Company purchased a mineral mine for $6340000 with removable ore estimated by...
In January 2017, Crane Company purchased a mineral mine for $6340000 with removable ore estimated by geological surveys at 2500000 tons. The property has an estimated value of $590000 after the ore has been extracted. Crane incurred $1725000 of development costs preparing the property for the extraction of ore. During 2017, 588000 tons were removed and 523000 tons were sold. For the year ended December 31, 2017, Crane should include what amount of depletion in its cost of goods sold?...
Question 10 View Policies Show Attempt History Current Attempt in Progress At the beginning of 2020,...
Question 10 View Policies Show Attempt History Current Attempt in Progress At the beginning of 2020, Sheridan Company acquired a mine for $691,000. Of this amount, $103,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists have indicated that approximately 11,490,000 units of ore appear to be in the mine. Sheridan incurred $175,100 of development costs associated with this mine prior to any extraction of minerals. It also determined...
At the beginning of the current year, Vanity Company purchased a mineral mine for P26,400,000 with...
At the beginning of the current year, Vanity Company purchased a mineral mine for P26,400,000 with removable ore estimated at 1,200,000 tons. After it has extracted all the ore, the entity will be required by law to restore the land to the original condition at an estimated cost of P2,400,000. The present value of the estimated restoration cost is P1,800,000. The entity believed that it will be able to sell the property afterwards for P3,000,000. During the current year, the...
In January, Franklin Co. purchased a mineral mine for $3,000,000 with removable ore estimated as 1,000,000...
In January, Franklin Co. purchased a mineral mine for $3,000,000 with removable ore estimated as 1,000,000 tons. After all the ore has been extracted, Franklin will be required by law to restore the land to its original condition at an estimated cost of $200,000. Franklin believes it can sell the property afterwards for $400,000. During the year, Franklin incurred $600,000 of development costs to prepare the mine for production and removed and sold 100,000 tons of ore. In its year-end...
In 2021, the Marion Company purchased land containing a mineral mine for $1,450,000. Additional costs of...
In 2021, the Marion Company purchased land containing a mineral mine for $1,450,000. Additional costs of $547,000 were incurred to develop the mine. Geologists estimated that 370,000 tons of ore would be extracted. After the ore is removed, the land will have a resale value of $110,000. To aid in the extraction, Marion built various structures and small storage buildings on the site at a cost of $133,200. These structures have a useful life of 10 years. The structures cannot...
thank you < Prev Send to Gradebook Question 8 View Policies Current Attempt in Progress At...
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< Prev Send to Gradebook Question 8 View Policies Current Attempt in Progress At the beginning of 2020, Marigold Company acquired a mine for $691,000. Of this amount, $103,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists have indicated that approximately 11,490,000 units of ore appear to be in the mine. Marigold incurred $175,100 of development costs associated with this mine prior to any extraction of...
In 2021, the Marion Company purchased land containing a mineral mine for $1,740,000. Additional costs of...
In 2021, the Marion Company purchased land containing a mineral mine for $1,740,000. Additional costs of $676,000 were incurred to develop the mine. Geologists estimated that 400,000 tons of ore would be extracted. After the ore is removed, the land will have a resale value of $116,000. To aid in the extraction, Marion built various structures and small storage buildings on the site at a cost of $184,000. These structures have a useful life of 10 years. The structures cannot...
In 2018, the Marion Company purchased land containing a mineral mine for $1,640,000. Additional costs of...
In 2018, the Marion Company purchased land containing a mineral mine for $1,640,000. Additional costs of $564,000 were incurred to develop the mine. Geologists estimated that 600,000 tons of ore would be extracted. After the ore is removed, the land will have a resale value of $104,000. To aid in the extraction, Marion built various structures and small storage buildings on the site at a cost of $252,000. These structures have a useful life of 10 years. The structures cannot...
Question 3 Current Atterin Progres in January 2017.Crane Company purchased mineraline for 55500000 with removable ested by o the r ty has estimated $ 2 00 there has been extracted. The company incurred $1000 of development costs preparing the mine for production. During 2017, 620000 tons wereoved and 54000 tons were sold What is the amount of depletion that Crane should expense for 2017 12000 $16000 2000 View Policies Current Attempt in Progress During 2017 Coronado Industries acquired a mineral...
Current Attempt in Progress On January 1, 2017, Oriole Company purchased a new machine for $4220000. The new machine has an estimated useful life of nine years and the salvage value was estimated to be $152000. Depreciation was computed using the sum-of-the-years.digits method. What amount should be shown in Oriole's balance sheet at December 31, 2018, net of accumulated depreciation, for this machine? Question 4 View Policies Current Attempt in Progress During 2017, Coronado Industries acquired a mineral mine for...
In January 2017, Crane Company purchased a mineral mine for $6340000 with removable ore estimated by geological surveys at 2500000 tons. The property has an estimated value of $590000 after the ore has been extracted. Crane incurred $1725000 of development costs preparing the property for the extraction of ore. During 2017, 588000 tons were removed and 523000 tons were sold. For the year ended December 31, 2017, Crane should include what amount of depletion in its cost of goods sold?...
Question 10 View Policies Show Attempt History Current Attempt in Progress At the beginning of 2020, Sheridan Company acquired a mine for $691,000. Of this amount, $103,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists have indicated that approximately 11,490,000 units of ore appear to be in the mine. Sheridan incurred $175,100 of development costs associated with this mine prior to any extraction of minerals. It also determined...
In 2021, the Marion Company purchased land containing a mineral mine for $1,450,000. Additional costs of $547,000 were incurred to develop the mine. Geologists estimated that 370,000 tons of ore would be extracted. After the ore is removed, the land will have a resale value of $110,000. To aid in the extraction, Marion built various structures and small storage buildings on the site at a cost of $133,200. These structures have a useful life of 10 years. The structures cannot...
thank you
< Prev Send to Gradebook Question 8 View Policies Current Attempt in Progress At the beginning of 2020, Marigold Company acquired a mine for $691,000. Of this amount, $103,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists have indicated that approximately 11,490,000 units of ore appear to be in the mine. Marigold incurred $175,100 of development costs associated with this mine prior to any extraction of...
In 2021, the Marion Company purchased land containing a mineral mine for $1,740,000. Additional costs of $676,000 were incurred to develop the mine. Geologists estimated that 400,000 tons of ore would be extracted. After the ore is removed, the land will have a resale value of $116,000. To aid in the extraction, Marion built various structures and small storage buildings on the site at a cost of $184,000. These structures have a useful life of 10 years. The structures cannot...
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