Homework Answers
Answer : $ 419
Calculations:
| Cost of coal Mines | $1,750,000 | ||
| Intangible costs | $358,000 | ||
| Fair value of restoration cost | $190,000 | ||
| Total cost of Coal mines | $2,298,000 | ||
| Residual Value | $202,000 | ||
| Depletion per unit | (Total cost of coal mines-residual value)/expected ton of production | ||
| (2298000-202000)/5000 | |||
| $419 | |||
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Sheridan Company acquires a coal mine at a cost of $1750000. Intangible development costs total $358000....
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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
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Marigold Corp. acquires a coal mine at a cost of $1790000. Intangible development costs total $358000. After extraction has occurred, Marigold must restore the property (estimated fair value of the obligation is $188000), after which it can be sold for $216000. Marigold Imates that 7000 tons of coal can be extracted. What is the amount of depletion per ton? $303 $256 $268 $334 Current Attempt in Progress On January 1, 2017, Oriole Company purchased a new machine for $4220000. The...
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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...
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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...
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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...
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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...
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
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 coal during a four-year period. During 2021, 259,000 tons were extracted and sold immediately. Required:1. Calculate depletion for 2021.2. Is depletion considered part of the product cost and included in the cost of inventory?
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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...
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...
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