Reference no: EM132585622
Question 1: Weber Company purchased a mining site for $549,778 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 90,753 tons will be recovered. The estimated residual value of the property is $55,758. During the first year, the company extracted 6,194 tons of ore. The depletion expense is
a. $49,402.00
b. $37,523.00
c. $33,717.45
d. $55,758.00
Question 2: If a fixed asset, such as a computer, were purchased on January 1 for $2,418 with an estimated life of 7 years and a salvage or residual value of $210, the journal entry for monthly expense under straight-line depreciation is
a. Accumulated Depreciation26.29 Depreciation Expense26.29
b. Depreciation Expense26.29 Accumulated Depreciation26.29
c. Depreciation Expense315.43 Accumulated Depreciation315.43
d. Accumulated Depreciation315.43 Depreciation Expense315.43
Question 3: A fixed asset with a cost of $26,000 and accumulated depreciation of $23,400 is sold for $4,420. What is the amount of the gain or loss on disposal of the fixed asset?
a. $1,820 loss
b. $2,600 gain
c. $2,600 loss
d. $1,820 gain
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