Reference no: EM132886715
Question - Marigold Company owns 9,000 acres of timberland purchased in 2006 at a cost of $1,708 per acre. At the time of purchase, the land without the timber was valued at $488 per acre. In 2007, Marigold built fire lanes and roads, with a life of 30 years, at a cost of $102,480. Every year, Marigold sprays to prevent disease at a cost of $3,660 per year and spends $8,540 to maintain the fire lanes and roads. During 2008, Marigold selectively logged and sold 854,000 board feet of timber, of the estimated 4,270,000 board feet. In 2009, Marigold planted new seedlings to replace the trees cut at a cost of $122,000.
a) Determine the depreciation expense and the cost of timber sold related to depletion for 2008.
b) Marigold has not logged since 2008. If Marigold logged and sold 1,098,000 board feet of timber in 2019, when the timber cruise (appraiser) estimated 6,100,000 board feet, determine the cost of timber sold related to depletion for 2019.
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