User Account

All Pages

Record the journal entry to recognize the removal of the oil

Assignment Help Accounting Basics
Reference no: EM131794765

Problem

A mining company pays $10,000,000 for a piece of land that they estimate has a recoverable reserve of oil equal to 1,500,000 barrels. They estimate that they will be able to sell the land for $500,000 after they have extracted all of the oil. In year one, the company extracts 300,000 barrels of oil. They have made no prior entries for the removal of this oil. Record the journal entry to recognize the removal of this oil.

Reference no: EM131794765

Questions Cloud

Design a class template for the heap adt : Design a class template for the Heap ADT, using the implementation described in this section.
Discuss in detail at least three missing internal controls : Discuss in detail at least three missing internal controls, the reasons why these controls are important, and a remedy in the case of X Company and Ms. Smith.
Add a delete operation to the heap adt that can be used : Add a delete operation to the Heap ADT that can be used to delete an item anywhere in the heap.
Calculate the standard deviation of each stock : Calculate the standard deviation of each stock. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.
Record the journal entry to recognize the removal of the oil : A mining company pays $10,000,000 for a piece of land that they estimate has recoverable reserve. Record the journal entry to recognize the removal of this oil.
What gain or loss is recognized by the corporation : What gain or loss is recognized by the corporation when it issues its shares to Dave? What is the basis to the corporation of the property it received from Dave
Conduct a risk assessment for the charitys data : ITC568 - Conduct a risk assessment for the Charity's data. Consider the data and information that Charity holds on its clients in its current system
Design a class template for the adt priority queue : Design a class template for the ADT Priority Queue, using the heap-based implementation described in this section.
Make journal entries to record the retirement : Prepare the adjusting entry at December 31, assuming straight-line amortization of the discount. Make the entry to record the partial refunding

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd