User Account

All Pages

What is the depletion expense

Assignment Help Accounting Basics
Reference no: EM132607841

Question - Diamond Drilling estimated that the oil reserve that it acquired on January 1, 2019 would produce 6,000,000 barrels of oil over the next 8 years. The company extracted 400,000 barrels in 2019 and 450,000 barrels in 2020. Diamond paid $72,200,000 for the oil reserve. The land is estimated to have a residual value of $200,000 once the oil is depleted. What is the depletion expense for 2020?

Reference no: EM132607841

Questions Cloud

What was the total gross margin for the month : Chown Company, which has only one product, What was the total gross margin for the month under the absorption costing approach?
Calculate the temperature and density of the flow : Calculate the temperature and density of the flow at the exit. Assume the flow is isentropic and, of course, compressible.
Role of political systems in our globalized world : Write a short paper on the role of political systems in our globalized world.
Determine what was the operating income : For the month noted, what was the relationship between the operating income under variable costing as opposed to under absorption costing?
What is the depletion expense : The land is estimated to have a residual value of $200,000 once the oil is depleted. What is the depletion expense for 2020
Current live music performance attendance : Describe your personal impressions from your most current live music performance attendance.
What was the dollar value of the company inventory on may : Crystal Company's variable costing income statement, What was the dollar value of the company's inventory on May 31 under the absorption costing method?
What is the gain that Frank should report on the sale : Frank Company sold a machine for $115,000. What is the gain (loss) that Frank should report on the sale
Define how promotion would be culturally appropriate : Marketing Mix (4 P's should be integrated among themselves and consistent with STP) Product (degree of standardization/customization, why appropriate.

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