User Account

All Pages

Give the entries to record the december amortization

Assignment Help Accounting Basics
Reference no: EM133187295

Question - On January 1, 2022, $1,340,580 for the mineral rights to an area full of gold veins containing an estimated 334,800 ounces of gold was acquired by Vector Enterprises.  Also, the company installed equipment at the site costing $895,505 with no expected salvage value.  The equipment would allow for the extraction of the gold within 8 years.  The company plans to abandon the equipment at the end of its useful life.  The company uses the Units of Production method to depreciate all PPE assets.  The company began operations on January 26 and extracted and sold 36,692 ounces of gold during the remaining 11 months of the year.

Required - Give the entries to record the December 31, 2022, amortization of the mineral rights and the depreciation of the equipment.

Reference no: EM133187295

Questions Cloud

Prepare journal entry to record this increase in fair value : The fair value of the equipment at December 31, 2021, is $5,610,000. Prepare the journal entry (if any) necessary to record this increase in fair value
Journalize the july transactions : Mike Greenberg opened Pina Window Washing Co. on July 1, 2022. July 1 Owner invested $11,500 cash in the company. Journalize the July transactions
Compute the annual income tax savings resulting : Compute the annual income tax savings resulting from the gift when the gift consisted of a $4,625 interest coupon from a corporate bond owned by Ms. Jolly
Compute moto total tax burden : Compute Moto's total tax burden (federal, state, and foreign) assuming that the tax paid to Country N is deductible for both state and federal tax purposes
Give the entries to record the december amortization : Give the entries to record the December 31, 2022, amortization of the mineral rights and the depreciation of the equipment
What is the price of the option today : The standard deviation of value of the building is 35 percent and the risk-free rate is an annual percentage rate of 4.4 percent. What is the price of option
Prepare the stockholders equity section of the balance sheet : Issued 14,000 shares of preferred stock at $28 per share; collected in cash. Prepare the stockholders equity section of the balance sheet
Prepare journal entries for each of the transactions : Several years ago, Douglas Company issued 33,000 shares of its $1 par value common stock for $18 per share. Prepare journal entries for each of the transactions
Common forms of communication : For each method listed above, explain when it is appropriate to use them for business purposes.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd