Reference no: EM132572611
Flint Company owns 9,000 acres of timberland purchased in 2006 at a cost of $1,652 per acre. At the time of purchase, the land without the timber was valued at $472 per acre. In 2007, Flint built fire lanes and roads, with a life of 30 years, at a cost of $99,120. Every year, Flint sprays to prevent disease at a cost of $3,540 per year and spends $8,260 to maintain the fire lanes and roads. During 2008, Flint selectively logged and sold 826,000 board feet of timber, of the estimated 4,130,000 board feet. In 2009, Flint planted new seedlings to replace the trees cut at a cost of $118,000.
Question 1: Determine the depreciation expense and the cost of timber sold related to depletion for 2008
depreciation cost ______
Cost of timber sold ________
Question 2: Flint has not logged since 2008. If Flint logged and sold 1,062,000 board feet of timber in 2019, when the timber cruise (appraiser) estimated 5,900,000 board feet, determine the cost of timber sold related to depletion for 2019.
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