accounting, depletion & asset turnover

Project Description:

1) crandon company acquires an ore mine at a cost of $6,300,000. it incurs additional costs of $500,000 to access the mine, which is estimated to hold 1,000,000 tons of ore. the estimated value of the land after the ore is removed is $900,000. 1. prepare the entry(ies) to record the cost of the ore mine,. 2. prepare the year-end adjusting entry if 125,000 tons of ore are mined and sold the first year.

2) camden company reports the following ($ 000s): net sales of $14,880 for 2011 and $13,990 for 2010; end-of-year total assets of $15,869 for 2011 and $17,819 for 2010. compute its total asset turnover for 2011, and assess its level if competitors average a total asset turnover of 2.0 times.
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