Reference no: EM132668983
On January 2, 2016, Spring Company purchased land for $470,000, from which it is estimated that 360,000 tons of ore could be extracted. It estimates that the present value of the cost necessary to restore the land is $67,000, after which it could be sold for $22,000.
During 2016, Spring mined 79,000 tons and sold 59,000 tons. During 2017, Spring mined 99,000 tons and sold 109,000 tons. At the beginning of 2018, Spring spent an additional $110,000, which increased the reserves by 62,000 tons. In 2018, Spring mined 129,000 tons and sold 109,000 tons. Spring uses a FIFO cost flow assumption.
Required:
Problem 1. Calculate the depletion included in the income statement and ending inventory for 2016, 2017, and 2018. Round the depletion rate to the nearest cent. If required, round the final answers to the nearest dollar.
2016
Depletion deducted from income 84,370
Depletion included in inventory 28,600
2017 Depletion deducted from income 155,870
Depletion included in inventory 14,300
2018 Depletion deducted from income ????
Depletion included in inventory ????
Prepare funding for the treasurer
: PADAMARA is a company that performs construction service work. It is known that in carrying out project costs, the following are the usual procedures for compan
|
Complete the journal entry on for the purchase of building
: Complete the journal entry on for the purchase of Building and Land. On January 1, 2018, Sanders Company purchased a Building and Land for $350,000
|
How would you characterize the us approach
: How would you characterize the U.S. approach and measures to counter terrorism and secure the homeland? How does it compare to the approach advocated.
|
What does it mean to say that hrm plays a strategic role
: What does it mean to say that HRM plays a strategic role in driving organizational performance?
|
Calculate the depletion included in the income statement
: Calculate the depletion included in the income statement and ending inventory for 2016, 2017, and 2018. Round the depletion rate to the nearest cent.
|
What are post-conviction remedies available to people
: What are post-conviction remedies available to people who have been convicted of a crime? You are required to post at least THREE times.
|
Examples of organisational innovation drivers
: Give and Explain any three (3) examples of organisational innovation drivers.
|
Record the initial entry for the acquisition of queen
: Record the initial entry for the acquisition of Queen. A contingent payment of $200,000 cash if queen generates profits of $500,000 or more in 2016
|
Evaluating the different elements of the paper
: The relevance of the content to the subject matter, and how you organize, present ideas, apply the relevant theoretical frame-work, creatively interject your.
|