A 75,000-ton limestone quarry cost $2,000,000 to develop. Annual gross income for the quarry in years 1 through 5 is estimated at $1,000,000. The annual production level during years 1-5 is estimated to be 10,000 tons. The percentage depletion allowance for
ConsultaOur expert help has broken down your problem into an easy-to-learn solution you can count on. Question: ering Rock acquires a granite quarry at a cost of $590,000, which is estimated to contain 200,000 tons of granite and is expected to take 6 years to remove. Compute the depletion expense for the first year assuming 38,000 tons were removed.
Consulta29.09.1930. For this they calculated a total of £6875, £3500 for plant and machinery plus profit on 15,000 tons at 1/6d per year for 3 years, £3375. The total for one quarry alone was £11440, a huge sum. It was estimated that £100,000 would be needed to buy
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ConsultaQuestion: Cost Depletion Ederly Quarry sells a wide variety of cut limestone for residential and commercial building construction. A recent quarry expansion cost $2.9 million and added an estimated 100,000 tons of reserves. Estimate the total cost depletion price for the next 5 years, if the usage in years is 10000, 12000, 15000, 15000, 18000
ConsultaFinance. Finance questions and answers. Bering Rock acquires a granite quarry at a cost of $590,000, which is estimated to contain 200,000 tons of granite and is expected to take 6 years to remove. What journal entry would be needed to record the expense for the first year assuming 38,000 tons were removed and sold?
ConsultaIn the first year, 15,000 bolts were produced. In the second year, production increased to 19,000 units. Compute the depletion expense for the first year assuming 418,000 tons were mined. Choose matching definition $0.625. $36,000.00 $1,358,495.0 Don't
ConsultaA 75,000-ton limestone quarry cost $2,000,000 to develop. Annual gross income for the quarry in years 1 through 5 is estimated at $1,000,000. The annual production level during years 1-5 is estimated to be 10,000 tons. The percentage depletion allowance for limestone is
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ConsultaAccounting. Accounting questions and answers. Bering Rock acquires a granite quarry at a cost of $590,000, which is estimated to contain 200,000 tons of granite and is expected to take 6 years to remove. What journal entry would be needed to record the expense for the first year assuming 38,000 tons were removed.
Consultatons/year. Quarry data were submitted from companies located in 71% of the 17 states containing active quarries in 2006 (Dolley 2007), as well as two Canadian provinces. Reporting processing facilities are located in 17 states and one Canadian province. 3.33.
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ConsultaStep 1. a. Calculation of depletion charge per unit : Colorado Mining paid $600,000 to acquire a mine with 40,000 tons of coal reserves. The horizontal statements model reflects Colorado Mining's financial condition just prior to purchasing the coal reserves. The company extracted 15,000 tons of coal in Year 1 and 18,000 tons in Year 2.
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ConsultaBering Rock acquires a granite quarry at a cost of $590,000,which is estimated to contain 200,000 tons of granite and is expected to take 6 years to remove.Compute the depletion expense for the first year assuming 38,000 tons were removed. A)$98,333. B)$93,158. C)$38,000. D)$12,881. E)$112,100.
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