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Bailey's Gold Mines Inc. (BGMI) purchases a piece of land for the purpose of developing a gold mine. BGMI is legally required to remove all structures and convert the mine site to a wildlife sanctuary at the end of its estimated 10-year useful life. BGMI estimates that it will have to spend $11,000,000 to decommission the site and reclaim the land when operations cease. The present value of this $11,000,000 site restoration cost, assuming a discount rate of 5%, is $6,753,046. BGMI uses straight-line depreciation.
Required:
Question 1: Prepare the journal entries to recognize this site restoration cost the company would record upon initial acquisition and subsequently.
He elects the straight-line method for cost recovery. Andre does not elect immediate expanding under 179. He does not claim any available additional first-year depreciation.
The inflation rate is 3.1%. What is the market risk premium?
Why need finance and how finance becomes essential requirement of every organization and in our daily life of social, political and economic arenas?
The balance in Riney's Investment in Garvin Co. account was $552,000, and the non-controlling interest was $138,000. On January 1, 2011, Garvin Co. sold 10,000 shares of previously unissued common stock for $15 per share.
Tallahassee Seminole Shop uses the percentage of receivables method of accounting for uncollectible accounts. Estimate the uncollectible accounts as of the end of 20-9. Prepare the adjusting entry for uncollectible accounts.
the treasurer anticipates the following costs for the event which will be held at the regency hotel room rental
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Whispering Inc., a manufacturer of steel school lockers, plans to purchase a new punch press for use in its manufacturing process. After contacting the appropriate vendors, the purchasing department received differing terms and options from each vend..
The coefficients of the variables in the constraint equations that represent the amount of resources needed to produce one unit of the variable are called
Explain the products and the production process and discuss specific costs you believe would be incurred prior to the cut off point.
One of the operations in the Wonderland Post Office is a mechanical mail sorting operation. In this operation, letter mail is sorted at a rate of one letter per second.
The company’s stock is hundred percent owned by its several cofounders, and the current market price of each of the 500,000 shares of stock is $20. When you started your work, you were immediately assigned a big project. What is the weighted average ..
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