On July 23 of the current year, Dakota Mining Company pays $8,359,200 for land estimated to...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On July 23 of the current year, Dakota Mining Company pays $8,359,200 for land estimated to contain 9,720,000 tons of recoverable ore. It installs and pays for machinery costing $1,069,200 on July 25. The company removes and sells 502,000 tons of ore during its first five months of operations ending on December 31. Depreciation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined. Required: Prepare entries to record the following. (a) The purchase of the land. (b) The cost and installation of machinery. (c) The first five months' depletion assuming the land has a net salvage value of zero after the ore is mined. (d) The first five months' depreciation on the machinery. On July 23 of the current year, Dakota Mining Company pays $8,359,200 for land estimated to contain 9,720,000 tons of recoverable ore. It installs and pays for machinery costing $1,069,200 on July 25. The company removes and sells 502,000 tons of ore during its first five months of operations ending on December 31. Depreciation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined. Required: Prepare entries to record the following. (a) The purchase of the land. (b) The cost and installation of machinery. (c) The first five months' depletion assuming the land has a net salvage value of zero after the ore is mined. (d) The first five months' depreciation on the machinery.
Expert Answer:
Answer rating: 100% (QA)
Polface entre for a Purchase of land b Cort and Installation of Machine first Smonths depleta ass... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
On July 23 of the current year, Dakota Mining Co. pays $4,836,000 for land estimated to contain 7,800,000 tons of recoverable ore. It installs machinery costing $390,000 that has a 10-year life and...
-
On July 23 of the current year, Serena Mining Co. pays $4,612,500 for land estimated to contain 5,125,000 tons of recoverable ore. It installs machinery costing $512,500 that has a 10-year life and...
-
Read the Poem Little Birds Flying and answer the following questions: What it is notifying? To whom it is notifying? How is the work two dimensional? What does it take to realize the project? ...
-
The human resources manager of a large chemical plant was interested in determining what factors might be related to the number of non-vacation days that workers were absent during the past year. One...
-
On January 1, 1997, Johnson Soap Corporation issued 20,000 shares of $20 par value common stock at $50 per share. On January 15. 1997. Johnson purchased 50 shares of its own common stock at $55 per...
-
In September 2022, Hurricane Ian ravaged southwestern Florida, causing more than 60 deaths and $100 billion in damage. The storm destroyed more than 5,000 homes and other buildings and washed away...
-
Cost-plus target return on investment pricing. John Blodgett is the managing partner of a business that has just finished building a 60-room motel. Blodgett anticipates that he will rent these rooms...
-
3. A particle of mass m is moving in the xy-plane such that its velocity at a point (x, y) is given as v = a(yx+2xy), where a is a non-zero constant. What is the force F acting on the particle? (A) F...
-
An experiment was performed to improve the yield of a chemical process. Four factors were selected, and two replicates of a completely randomized experiment were run. The results are shown in the...
-
The attached spreadsheet "PS2 data" (see photo) contains the time series of monthly market capitalization and return of the S& P 500 Stock Index and the S&P 500 Investment Grade bond Index....
-
The number of miles driven on each of five tires was 17,000 , \(19,000,19,000,20,000\), and 21,000. Find the mean, the range, and the standard deviation (rounded to the nearest unit) for these...
-
Why might a mesh topology be superior to a base station topology for communications in a natural disaster?
-
Use the map of Venus shown in Figure 15.13 to name the landmarks at the specified locations. a. \((90,0)\) b. \((0,65)\) c. \((165,65)\) d. \((-80,32)\) e. \((-30,-50)\) Figure 15. 13 80 (19 30 -60...
-
Suppose that N Ethernet stations, all trying to send at the same time, require N/2 slot times to sort out who transmits next. Assuming the average packet size is 5 slot times, express the available...
-
Prove the Internet checksum computation shown in the text is independent of byte order (host order or network order) except that the bytes in the final checksum should be swapped later to be in the...
-
Write a function int vowels (char* s) that accepts one strings and then returns the total number of vowels in the string. Write a C Program that prompt the user to enter a string, and then print out...
-
Calculate the change in entropy when 100 kJ of energy is transferred reversibly and isothermally as heat to a large block of copper at (i) 0 C, (ii) 50 C.
-
How can the manager of handheld devices at an Apple retail store use flexible budgets to enhance performance?
-
Companies such as Nokia commonly prepare a process cost summary. What purposes does a process cost summary serve?
-
What three factors would influence your evaluation as to whether a companys current ratio is good or bad?
-
Apple stock is selling for \($120\) per share. Call options with a \($117\) exercise price are priced at \($12.\) What is the intrinsic value of the option, and what is the time value?
-
Name five variables that can affect the price of options, and briefly explain how each affects prices. How important are intrinsic value and time value to in-the-money options? To out-of-the-money...
-
Twitter is trading at \($34.50.\) Call options with a strike price of \($35\) are priced at \($2.30\) . What is the intrinsic value of the option, and what is the time value?
Study smarter with the SolutionInn App