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NATURAL RESOURCE AND INTANGIBLE ACCOUNTING
McLeansboro Oil Company acquired an operating oil well during a recent year. The fol- lowing assets were acquired for $1,350,000 cash.
Asset
Fair Value
Expected Life
Oil well
$1,100,000
55,000 barrels
Land
85,000
Indefinite
Pump
65,000
550,000 barrels
Required:
1. Write the entry to record this acquisition in McLeansboro's journal. (Hint: Record the cost in excess of fair value as goodwill.)
2. If McLeansboro pumps and sells 11,000 barrels of oil in one year, compute the amount of depletion.
3. Prepare journal entries to record depletion for the 11,000 barrels of oil pumped and sold.
4. Is the goodwill amortized? Explain your reasoning.
5. Why are the land and the pump capitalized separately from the oil well?
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