User Account

All Pages

What is the depletion charge per ton of extracted resource

Assignment Help Accounting Basics
Reference no: EM132618941

Questions -

Q1. On July 1, 2019, Tulip Corp. purchased a new machine for $600,000. The new machine has an estimated useful life of ten years and the residual value was estimated to be $100,000. Depreciation was calculated using the double declining-balance method. To the nearest dollar, what amount should be shown in Tulip's balance sheet at December 31, 2020, for accumulated depreciation, for this machine?

Q2. Crocus Corp. acquired a tract of land in the interior containing an extractable natural resource. The company is required by the government to restore the land to a condition suitable for recreational use after it has extracted the natural resource. Geological surveys estimate that the recoverable reserves will be 4.6 million tons, and that the land will have a value of $1.2 million after restoration. Relevant cost information follows:

Land $5,700,000

Geological surveys 392,000

Estimated restoration costs 2,100,000

If Crocus maintains no inventories, what is the depletion charge per ton of extracted resource?

Q3 Allium Corporation acquired all outstanding shares of BlueBell Ltd. For $4.2 million. Selected information relating to BlueBell was as follows:

Fair value of identifiable net assets: $4.1 million

Book value of identifiable net assets: $3.5 million

How much goodwill should Allium recognize?

Reference no: EM132618941

Questions Cloud

Prepare Pronghorn journal entries to record patent purchase : The patent had a remaining legal life of 17 years. Prepare Pronghorn's journal entries to record the 2020 patent purchase and amortization for the year
Compile a stock ledger card using fifo inventory valuation : Compile a stock ledger card for RM 005 using the FIFO inventory valuation method. Afcon Ltd uses a direct material (Product code: RM 005) in the production.
What key factors need to be addressed in development cycle : Research the Ashford online library and other reputable sources (reputable technical periodicals) regarding information technology security.
Strategy for international company selling products : Assume you are in charge of developing the strategy for an international company selling products in 50 different countries around the world.
What is the depletion charge per ton of extracted resource : Crocus Corp. acquired a tract of land in the interior containing an extractable natural resource. What is the depletion charge per ton of extracted resource
Think about recent project and endeavor : Think about a recent project/endeavor that you have participated in. Do you agree with the following statement:
Will a well-designed and well-constructed system overcome : If a project is poorly designed and constructed, will a well-planned and well-executed implementation effort help the project to succeed?
Make necessary journal entries to record the asset exchange : Both companies agreed that the exchange had commercial substance for both companies. Make the necessary journal entries to record the asset exchange
What is the economic order quantity for product a : What are the annual carrying costs for Product A if the company orders at the EOQ amount? What is the economic order quantity for Product A?

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