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Question: On February 19 of the current year, Rock Chalk Co. pays $4,450,000 for land estimated to contain 5 million tons of recoverable ore. It installs machinery costing $200,000 that has a 16-year life and no salvage value and is capable of mining the ore deposit in 12 years. The machinery is paid for on March 21, eleven days before mining operations begin. The company removes and sells 352,000 tons of ore during its first nine months of operations ending on December 31. Depreciation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined. Required Prepare entries to record
(a) the purchase of the land,
(b) the cost and installation of the machinery,
(c) the first nine months' depletion assuming the land has a net salvage value of zero after the ore is mined, and
(d) the first nine months' depreciation on the machinery. Analysis Component Describe both the similarities and differences in amortization, depletion, and depreciation.
a) Prepare the entries, if any, on each of the three dividend dates. b) How are dividends and dividends payable reported in the ?nancial statements prepared at December 31?
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The report indicates that a scales or proportional securities regulation for smaller public companies assures the full benefits and protection of federal securities regulation for investors in large companies that make up 94% of the total public U..
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When there is a significant increase in the estimated total contract costs but the increase does not eliminate all profit on the contract, which of the following is correct?
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