707'7s
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Q: produces g - x) gizmo nufacturer
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- Last Chance Mine (LCM) purchased a coal deposit for $1,654,350. It estimated it would extract 13,450 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.35 million, $6.25 million, and $5.2 million for years 1 through 3, respectively. During years 1–3, LCM reported net income (loss) from the coal deposit activity in the amount of ($16,400), $705,000, and $577,500, respectively. In years 1–3, LCM extracted 14,450 tons of coal as follows: (1) Tons of Coal (2) Basis Depletion (2)/(1) Rate Tons Extracted per Year Year 1 Year 2 Year 3 13,450 $1,654,350 $123.00 2,550 7,450 4,450 c. Using the cost and percentage depletion computations from parts (a) and (b), what is LCM's actual depletion expense for each year?Last Chance Mine (LCM) purchased a coal deposit for $1,654,350. It estimated it would extract 13,450 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.35 million, $6.25 million, and $5.2 million for years 1 through 3, respectively. During years 1–3, LCM reported net income (loss) from the coal deposit activity in the amount of ($16,400), $705,000, and $577,500, respectively. In years 1–3, LCM extracted 14,450 tons of coal as follows: (1) Tons of Coal (2) Basis Depletion (2)/(1) Rate Tons Extracted per Year Year 1 Year 2 Year 3 13,450 $1,654,350 $123.00 2,550 7,450 4,450 b. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)?Quavo Mining Co. acquired mineral rights for $17,857,500. The mineral deposit is estimated at 48,500,000 tons. During the current year, 10,912,500 tons were mined and sold. Determine the amount of depletion expense for the current year. Round your answer to nearest whole value.
- Quavo Mining Co. acquired mineral rights for $17,857,500. The mineral deposit is estimated at 48,500,000 tons. During the current year, 10,912,500 tons were mined and sold. Determine the amount of depletion expense for the current year. Do not round intermediate calculation and round your answer to nearest whole value.Nevada Gold Company (LLC) purchased a gold deposit for $1,500,000. It estimated it would extract 500,000 ounces of gold from the deposit. The company mined the gold and sold it, reporting gross receipts of $1.8 million, $2.5 million, and $2 million for Years 1 through 3, respectively. During Years 1 through 3, Nevada Gold reported net income (loss) from the gold deposit activity in the amount of ($100,000), $400,000, and $100,000, respectively. In Years 1 through 3, the company actually extracted 300,000 ounces of gold as follows: Ounces of Gold extracted per year Year 1 Year 2 Year 3 50,000 150,000 100,000 What is Nevada Gold's depletion deduction for Year 2 if the applicable percentage depletion for gold is 15 percent? Question 8 options: $450,000. $400,000. $375,000. $200,000.In January year 1, the Under Mine Corporation purchased a mineral mine for $3,400,000 with removable ore estimated by geological surveys at 4,000,000 tons. The property has an estimated value of $200,000 after the ore has been extracted. The company incurred $800,000 of development costs preparing the mine for production. During year 1,400,000 tons were removed and 375,000 tons were sold. What is the amount of depletion that Under Mine should record for year 1? ○ $420,000 $375,000 ○ $400,000 ○ $393,750
- Salter Mining Company purchased the Northern Tier Mine for $21 million cash. The mine was estimated to contain 2.5 million tons of ore and to have a residual value of $1 million. During the first year of mining operations at the Northern Tier Mine, 50,000 tons of ore were mined, of which 40,000 tons were sold. a. Prepare a journal entry to record depletion during the year. b. Show how the Northern Tier Mine, and its accumulated depletion, would appear in Salter Mining Company's balance sheet after the first year of operations. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Show how the Northern Tier Mine, and its accumulated depletion, would appear in Salter Mining Company's balance sheet after the first year of operations. (Amounts to be deducted should be indicated by a minus sign) Property, plant, & equipment Accumulated depletion Mining property: Northern Tier Mine Salter Mining Company Balance…Weber Company purchased a mining site for $617,434 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 96,158 tons will be recovered. The estimated residual value of the property is $52,737. During the first year, the company extracted 4,119 tons of ore. The depletion expense is a.$52,737.00 b.$56,469.70 c.$26,448.25 d.$24,189.22Weber Company purchased a mining site for $525,247 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 85,242 tons will be recovered. The estimated residual value of the property is $49,377. During the first year, the company extracted 4,550 tons of ore. The depletion expense is Oa. $47,587.00 Ob. $25,400.72 Oc. $28,036.34 Od. $49,377.00
- Solare Company acquired mineral rights for $285,300,000. The diamond deposit is estimated at 31,700,000 tons. During the current year, 4,700,000 tons were mined and sold. Question Content Area a. Determine the depletion rate. $fill in the blank b14fe7fa701ffba_1 per ton b. Determine the amount of depletion expense for the current year. $fill in the blank b14fe7fa701ffba_2 Question Content Area c. Journalize the adjusting entry to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31 - Select - - Select - - Select -A new year had begun, JK Company, a mining institute, purchased a mineral mine for P56,000,000 with ore estimated by geological survey at 2,750,000 tons. The property has an estimated residual value of P4,500,000. During the operation, the entity incurred P12,000,000 for development cost preparing the property for the extraction of the ores. During the current year, the ores that has been removed amounted to 300,000 tons and 250,000 have been sold. Q3. What will be the amount of depletion recorded to cost of goods sold? Q4. What will be the amount of depletion reported in the current year?Quavo Mining Co. acquired mineral rights for $16,500,000. The mineral deposit is estimated at 36,500,000 tons. During the current year, 10,037,500 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Do not round intermediate calculation and round your answer to nearest whole value.$fill in the blank 1 b. Illustrate the effects on the accounts and financial statements of the depletion expense. For decreases in accounts or outflows of cash, enter your answers as negative numbers. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Balance Sheet Assets = Liabilities + Stockholders' Equity - Accumulated depletion + No effect = No effect + Retained earnings fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 Statement of Cash Flows Income Statement No effect fill in the blank 11 Depletion expense…
