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On July 23 of the current year, Dakota Mining Co. pays $4,836,000 for land estimated to contain 7,800,000 tons of recoverable ore. It installs machinery costing $390,000 that has a 10-year life and no salvage value and is capable of mining the ore deposit in eight years. The machinery is paid for on July 25, seven days before mining operations begin. The company removes and sells 400,000 tons of ore during its first five months of operations ending on December 31. Depreciation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined. Required Prepare entries to record (a) the purchase of the land, (b) the cost and installation of machinery, (c) the first five months' depletion assuming the land has a net salvage value of zero after the ore is mined, and (d) the first five months' depreciation on the machinery. Analysis Component
Describe both the similarities and differences in amortization, depletion, and depreciation.
Journalize the adjusting entry required as of april 30th. B. if the adjusting entry in (a) were omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of april 30?
what would you pay for an investment that pays you $20000 at the end of each year for the next ten years and then returns a maturity value of 300,000 after ten years? assume that the relevant interest rate for this type of investment is 8%
what would the effective annual rate on this loan be and what is Carroll's average collection period
Journalization of transactions for production costs as like of raw materials, labor, processing and overhead using transferred goods data and details.
using the proceeds from the borrowing to buy back common stock at its book value. How much must the firm borrow to achieve the target debt ratio?
Calculation of direct material price variance and The company purchased 3,000 yards of material in March for $21,000. The company used 2,800 yards in March in order to make 7,700 dresses. The direct materials price variance is?
Evaluate the amount of net short-term capital gain (NSTCG) or net short-term capital loss (NSTCL). Evaluate the amount of net long-term capital gain (NLTCG) or net long-term capital loss (NLTCL).
Prepare a two column common size income statement and Comment specifically on difference between Camper's, Inc., and the industry average.
LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future.
Assume that Jong used the equity method of accounting for its investment in Nye instead of the cost method. Calculate the balance of its "Investment in Nye" account.
Purpose a memo to the president in response to her request for advice.
Give a response to the shareholder on the basis of these requirements. Check the requirements of both AASB 138 and the AASB Framework in relation to accounting for brands;
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