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On February 19 of the current year, Rock Chalk Co. pays $4,450,000 for land estimated to contains 5 million tons of recoverable ore. It installs machinery costing $200,000 that has a 16-year life and no salvage value and is capable in mining the ore deposit in 12 years. The machinery is paid for on March 21, eleven days beofre mining operations begin. The company removes and sells 352,000 tons of ore during its first nien months of operation ending on December 31. Depreciation of the machinery is in proportion to the mine's depletion as the machinery will be abandon after the ore is mined.
Prepare entries to record (a) the purchase of the land. (b) the cost and installation of the machinery. (c) the first nine months' depletions assuming the land has a net salvage value of zero after the ore mined, and (d) the first nine months' depreciation on the machinery.
Describe both the similarities and the differences in amortization, depletion, and depreciation.
Why does it appear that to be highly successful (particularly in a financial sense), we assume that the gains are achieved unethically? Would you cite examples of how (or when) positive and normative theory are used together? What is the benefit of..
Assuming that MARR is 10% and all maintenance costs and production savings are incurred at the end of the year, should the present lease be continued, or one of the two machines be purchased?
which of the following types of organization would probably sell goods?a. merchandising operationb. service operationc.
The Water Fun Store is a retailer of water sports products forbackyard swimming pools. During August, the firm had the following operating activities:
It serves to highlight the importance of audit opinions and reports. This project gives you an opportunity to conduct certain audit procedures and determine the course of action regarding the audit.
Explain the assignment of income doctrine (AID) and the fruit of the tree doctrine. What role does the AID play in our federal income tax system, and what could be done to avoid or reduce income taxes if the AID did not exist?
hodge corporation issued 100000 shares of 20 par value cumulative 6 preferred stock on jan 1 2013 for 2300000. in
A company issued 8%, 20-year bonds with a face amount of $72 million. The market yield for bonds of similar risk and maturity is 9%. Interest is paid semiannually. At what price did the bonds sell? Use the table PV of1, FV of 1, FVA of 1, PVA ..
classic irons inc. purchased manufacturing equipment with an expected useful life of five years or 5000 hours of usage.
flip earns a salary of 7500 per month during the year. fica taxes are 8 on the first 100000 of gross earnings. federal
Why do you think company uses accelerated depreciation methods for income tax purposes, rather than using straight-line method?
How much cost, in total, would be allocated in the first-stage allocation to the Setting Up activity cost pool?
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