Jonas lumber company owns a 16660-acre tract of timber

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Reference no: EM13609013

Jonas Lumber Company owns a 16,660-acre tract of timber purchased in 2005 at a cost of $3,094 per acre. At the time of purchase the land was estimated to have a value of $714 per acre without the timber. Jonas Lumber Company has not logged this tract since it was purchased. In 2012, Jonas had the timber cruised. The cruise (appraiser) estimated that each acre contained 19,040 board feet of timber. In 2012, Jonas built 10 miles of roads at a cost of $19,992 per mile. After the roads were completed, Jonas logged and sold 8,330 trees containing 2,094,400 board feet. (b) If Jonas depreciates the logging roads on the basis of timber cut, determine the depreciation expense for 2012. I got $550 for this answer, but Wiley Plus said it was wrong. I need to figure it out in the next 7 1/2 hours.

Reference no: EM13609013

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