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In 2018, Dong Corporation paid $4,000,000 to buy land containing a total estimated 160,000 tons of extractable mineral deposits. The estimated value of the property after the mineral has been removed is $800,000. Extraction activities began in 2019 and by the end of the year, 20,000 tons had been recovered and sold. In 2020, geological studies indicated that the total amount of mineral deposits had been underestimated by 60,000 tons. During 2020, 30,000 tons were extracted and 28,000 tons were sold.
Problem a. What is the depletion rate per ton for 2020?
Problem b. What amount is the depletion expense to be presented in the cost of sales of 2020?
Problem c. How much is the carrying value of the wasting asset?
How much is the gain or loss on repossession? Rooster Co. repossessed a property that was sold in 20x1 for ?50,000. Total collections from sale were ?24,000.
Camille also incurred selling expenses of $100. What is the amount realized by Camille in the exchange?
What net income should Casino report for calendar 2020? Casino's pre-tax income before depreciation on the asset is $250,000. Their income tax rate has been 30%
What are the inventory characteristics that would allow a company to use the specific identification method
The following information is available for Pet Store Company and its two divisions, Pet Supplies and Training. Whole Pet Supplies Training Company Division Net sales $170,000 $70,000 $100,000 Fixed costs: Compute the contribution margin for the Pet S..
They represent jobs that have been worked on during March of the current year. This table summarizes information provided on each sheet: What is the cost of the goods in process inventory on March 31?
What is the amount of bad debts written off during year 2015? Michigan Company estimates the allowance for uncollectible accounts using the percentage
Savings bond that offers an annual 10% return. After one year the bond will be worth $11,000. Which calculation is illustrated in this scenario?
Prepare the journal entry to record the sale of the asset. Howard Company purchased equipment costing $29,300, with an estimated salvage value
What is weighted average number of shares to be used in computing basic and diluted eps , assuming the convertible bonds are dilutive?
question to conceal defalcations involving receivables the auditor could expect an experienced bookkeeper to charge
Bambie Ltd. applies overheads, The actual direct labour hours used for the year turns out to be 47 000 hours. What is the applied overhead for the year?
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