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J. Larson & Company purchased the right to extract ore from a mineral deposit by paying $50,000 in cash and signing a $200,000 promissory note. Larson spent an additional $25,000 cash for a geological report that estimated the mineral deposit contained 110,000 tons of ore. Larson expects the asset to have a zero residual value when fully depleted. During the first year of operations, 34,000 tons of ore were mined.
Required:
a) Prepare the journal entries to record the purchase of the right to the mineral deposit..
b) The payment for the geological report.
c) The depletion of the mineral deposit for the first year.
The Central Valley Company is a merchandising firm that sells a single product. The company's revenues and expenses for the last three months are given below:
Kushman Combines, Inc. has $20,000 of ending finished goods inventory as of December 31, 2010. If beginning finished goods inventory was $10,000 and cost of goods sold was $40,000, how much would Kushman report for cost of goods manufactured?
The taxpayer may deduct either cost depletion or percentage depletion, which for the type ore production is 8 percent of production sold from the mine.
Swanson Corporation issued $8 million of 20-year, 8 percent bonds on April 1, 2009, at 102. Interest is due on March 31 and September 30 of each year, and all of the bonds in the issue mature on March 31, 2029. Swanson's fiscal year ends on Decemb..
Investment income and related expenses amt. to $7,000 and $500 respectively. What is Mike and Sally's interest deduction for the 2010 tax year?
Compare and contrast sole proprietorships and partnerships - organization, operation and taxation. Be sure to organize your answer so that you address each of the aspects of this question - organization, operation and taxation - completely for eac..
Which of the following is a significant disadvantage of a general partnership
The amount of the proceeds from the issuance that should be accounted for as the initial carrying value of the bonds payable would be.
The capital budgeting method that divides a project's annual incremental net operating income by the initial investment is the:
Explain why a traditional functional income statement is not suitable for the Cost Volume Profit (CVP) analysis. What is the key point that makes a contribution approach income statement useful for CVP relationship analysis.
Focus on the Case Study sections VIII-XV, pp. 20-39 and use your knowledge of the Motiwalla & Thompson textbook, chapters 5-9 inclusive and at least 6 academically sound external sources, to develop your report.
Calculate the cost per equivalent unit for labor assuming that labor is added uniformly throughout the production process.
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