Question: Please put answer in tabular format Problem 11-7 Sheridan Paper Products purchased 12,400 acres of forested timberland in March 2017. The company paid $2,108 per
Problem 11-7 Sheridan Paper Products purchased 12,400 acres of forested timberland in March 2017. The company paid $2,108 per acre for this land, which was above the $992 per acre most farmers were paying for deared land. During April, May, June, and July 2017, Sheridan cut enough timber to build roads using moveable equipment purchased on April 1, 2017. The cost of the roads was $310,000, and the cost of the equipment was $279,000; this equipment was expected to have a $11,160 salvage value and would be used for the next 15 years Sheridan selected the straight-line method of depreciation for the moveable equipment. Sheridan began actively harvesting timber in August and by December had harvested and sold 669,60o board feet of timber of the estimated 8,370,000 board feet available for cutting. In Ma ch 2018, Sheridan planted ne seedings in the rea ha vested during the winter. cost of planting these seedings was $148 800 in addition, she d n spent $9 020 in road maintenance and $7,440 for pest spraying during calendar-year 2018. The road maintenance and spraying are annual costs. During 2018, Sheridan harvested and sold 959,760 board feet of timber of the estimated 7,998,000 board feet available for cutting. In March 2019, Sheridan again planted new seedlings at a cost of $186,000, and also spent $18,600 on road maintenance and pest spraying. During 2019, the company harvested ad sold 806,000 board feet of timber of the estimated 8,060,000 board feet available for cutting. Compute the amount of depreciation and depletion expense for each of the 3 years (2017, 2018, and 2019). Assume that the roads are usable only for logging and therefore are incdluded in the depletion base. (Round answers to o decimal places, e.g. 45,892.) 2017 2018 2019 Depletion Expenses Depreciation Expense
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