Reference no: EM132581496
On Feb. 1, 2015, a company purchased a mine for $80 million that is estimated to have 250,000 tones of ore and a residual value of $3 million. The cost of restoration at the end of useful life is estmiated at $8 million. In 2015, 30,000 tones of ore were extracted.
Question 1: Calculate the amount of amortization that should be reorded on December 31, 2015.
Question 2: Calculate the amount of restoration liability.
Question 3: Show jounral entry for December 31, 2015.
On January 31 the firm has A/R in the amount of $750,000. The allowance for doubtful accounts had a credit balance of $5,250. The controller estimated that uncollectible accounts expense would be amount to one-half of 1% of the $4,500,000 of net sales made during January. This estimate was entered in the accounts by adjusting entry on Januray 31.
Question 4: Prepare the jounral entries in the for Januray 31.
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