Reference no: EM132872468
Question - On January 1, 2020 Juju Company was organized with an authorized share capital of 10,000,000 consisting of 100,000 shares of 100 par value, one half of which was immediately sold for cash at 110 per share.
In February, the entity acquired a tract of resource land at a cost of 3,000,000 which was paid in cash. Also, the entity purchased foe cash mining equipment of 800,000.
The geological survey of the resource property indicated an estimated content of 1,000,000 units.
During the year ended December 31, 2020, the entity mined 90,000 units of which 85,000 units were sold for a cash price of 50 per unit.
The entity paid the following during the year:
Mining labor and other direct costs 2,268,000
Administrative expenses 500,000
Required -
1. What the depletion expense reported in 2020 statement of profit or loss?
2. What the depreciation expense reported in 2020 statement of profit or loss?
3. What the dividend declared per share for 2020?
Prepare the entry required on December
: Prepare the entry required on December 31, 2021, to record the payment of the first 6 months' interest and the amortization of premium on the bonds
|
Differentiate between term bonds and mortgage bonds
: Differentiate between term bonds, mortgage bonds, debenture bonds, income bonds, callable bonds, registered bonds, bearer or coupon bonds
|
What is the carrying amount of note receivable on December
: What is the carrying amount of the note receivable on December 31, 2019, December 31, 2020 and December 31, 2021
|
Assess between types of jobs outsourced to china and india
: Assess the similarities and differences between the types of jobs being outsourced to China and India. Your post should also address the pros of outsourcing job
|
What the depreciation expense reported
: The geological survey of the resource property indicated an estimated content of 1,000,000 units. What the depreciation expense reported
|
Explain the confucian understanding of material and moral
: Explain the Confucian understanding of material and moral incentives. Explain law as reconciliation, law as restitution. Explain moral markets
|
Analyzing purchase history is the key to customer retention
: Analyzing purchase history is the key to customer retention. When building customer segments, treat buyers with 2 purchases differently
|
Who would be an agenda maker
: Who would be an agenda maker? This could be several people. For one, progressives, these people feel strong about an issue and are persistent to push for change
|
Determine impairment loss needs to be recognised
: Determine if any impairment loss needs to be recognised in relation to this plant at 30 June 2019. Provide the depreciation entry for this plant item at June
|