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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.
Chris White was a forestry technician who had been searching for several years for a business opportunity to combine with his forestry career
To the nearest whole cent, what should be the average property tax per unit at a sales volume of 42,900 units? (Assume that this sales volume is within the relevant range.)
Assuming that Beech Corporation does not elect to expense but chooses to amortize organizational-expenditures over 15 years, calculate the corporation's deduction for its calendar tax year 2010.
What portion of consolidated retained earnings is assigned to the non-controlling interest in the consolidated balance sheet.
What is the proper cash flow amount to use as the initial investment in fixed assets when evaluating this project?
After using the concession stand for 4 years, Six Flags determines that the building will remain useful for only 2 more years. Record Six Flags' depreciation on the concession stand for year 5 by the straight line method.
If he sells the pubs abd then leases them back would you expect Lion Nathan to change how it accounts for the depreciation of he building?
Duluth Castings Company makes a product, X-tol,from two materials. Ticon and VF. The standard prices and quantities are as follows.
Prepare journal entries to (1) establish the fund on January 1, (2) reim- burse it on January 8, and (3) both reimburse the fund and increase it to $500 on January 8, assuming no entry in part 2.
Consider the stock of Davidson Company, which will pay an annual dividend of $2 one year from today. The dividend will grow at a constant annual rate of 5 percent
Stech Co. is issuing $6.5 million 12% bonds in a private placement on July 1, 2012. Each $1,000 bond pays interest semi-annually on December 31 and June 30 of each year. The bonds mature in ten years. At the time of issuance, the market interest r..
Before preparing financial statements for the current year, the chief accountant for Springer Company discovered the following errors in the company accounts:
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