Reference no: EM132319489
Question
Blossom Company owns a 7,700-acre tract of timber purchased in 2003 at a cost of $1,430 per acre. At the time of purchase, the land was estimated to have a value of $330 per acre without the timber. Blossom Company has not logged this tract since it was purchased. In 2017, Blossom had the timber cruised.
The cruise (appraiser) estimated that each acre contained 8,800 board feet of timber. In 2017, Blossom built 10 miles of roads at a cost of $8,624 per mile. After the roads were completed, Blossom logged and sold 3,850 trees containing 935,000 board feet.
Determine the cost of timber sold related to depletion for 2017. (Round intermediate calculations to 5 decimal places, e.g. 1.24654 and final answer to 0 decimal places, e.g. 5,125.)
If Blossom depreciates the logging roads on the basis of timber cut, determine the depreciation expense for 2017. (Round intermediate calculations to 5 decimal places, e.g. 1.24654 and final answer to 0 decimal places, e.g. 5,125.)
If Blossom plants five seedlings at a cost of $4 per seedling for each tree cut, how should Blossom treat the reforestation?
Blossom should capitalize expense
the cost of $
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