v2.cengagenow.com + B 5-1 Problem Set: Module Five - ACC-201-R3851 Financial Accounting 22EW3 C CengageNOWv2 | Online teaching and learning resource from Cengage Learning Module 5 Problem Set eBook Show Me How ? 1. BE.09.01 Depletion 2. BE. 10.01.ALGO Earth's Treasures Mining Co. acquired mineral rights for $29,750,000. The mineral deposit is estimated at 35,000,000 tons. During the current year, 7,700,000 tons were mined and sold. 3. EX.09.01 a. Determine the depletion rate. If required, round your answer to two decimal places. 4. BE.09.09 0.85 per ton 5. BE.09.07.ALGO b. Determine the amount of depletion expense for the current year. 6. BE.09.03.ALGO c. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. 7. EX.09.02 Dec. 31 8. EX.09.03.ALGO 9. EX. 10.02.ALGO Feedback 10. EX.09.04 Check My Work Similar to the journal entry to record depreciation, the journal entry to record depletion affects a contra asset account. 11. BE.09.08.ALGO BE.09.05.A 13. BE.09.01.ALGO 14. BE.09.02.ALGO 15. BE. 10.08.ALGO 16. BE. 10.06.ALGO Progress: 5/16 items Check My Work Previous Next Assignment Score: 48.7% Email Instructor Save and Exit Submit Assignment for Gradingv2.cengagenow.com + B 5-1 Problem Set: Module Five - ACC-201-R3851 Financial Accounting 22EW3 C CengageNOWv2 | Online teaching and learning resource from Cengage Learning Module 5 Problem Set eBook Show Me How ? 1. BE.09.01 Double-Declining-Balance Depreciation 2. BE. 10.01.ALGO A building acquired at the beginning of the year at a cost of $97,200 has an estimated residual value of $4,900 and an estimated useful life of 4 years. Determine the following. 3. EX.09.01 (a) The double-declining-balance rate o/ 4. BE.09.09 (b) The double-declining-balance depreciation for the first year 5. BE.09.07.ALGO 6. BE.09.03.ALGO 7. EX.09.02 8. EX.09.03.ALGO 9. EX. 10.02.ALGO 10. EX.09.04 11. BE.09.08.ALGO BE.09.05.A 13. BE.09.01.ALGO 14. BE.09.02.ALGO 15. BE. 10.08. 16. BE. 10.06.ALGO Progress: 6/16 items Check My Work Previous Assignment Score: 48.7% Email Instructor Save and Exit Submit Assisv2.cengagenow.com + B 5-1 Problem Set: Module Five - ACC-201-R3851 Financial Accounting 22EW3 C CengageNOWv2 | Online teaching and learning resource from Cengage Learning Module 5 Problem Set eBook Show Me How ? 1. BE.09.01 Determining Cost of Land 2. BE. 10.01.ALGO On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $29,000 in cash and giving a short-term note for $257,000. Legal fees paid were $2,405, delinquent taxes assumed were $11,400, and fees paid to remove an old building from the land were $21,400. Materials salvaged from the demolition of the 3. EX.09.01 building were sold for $4,300. A contractor was paid $869,400 to construct a new warehouse. 4. BE.09.09 Determine the cost of the land to be reported on the balance sheet. 5. BE.09.07.ALGO 6. BE.09.03.ALGO 7. EX.09.02 8. EX.09.03.ALGO 9. EX. 10.02.ALGO 10. EX.09.04 11. BE.09.08.ALGO BE.09.05.A 13. BE.09.01.ALGO 14. BE.09.02.ALGO 15. BE. 10.08.ALGO 16. BE. 10.06.ALGO Progress: 8/16 items Check My Work Previous Next Assignment Score: 48.7% Email Instructor Save and Exit Submit Assignment for Gradingv2.cengagenow.com C + B 5-1 Problem Set: Module Five - ACC-201-R3851 Financial Accounting 22EW3 C CengageNOWv2 | Online teaching and learning resource from Cengage Learning Module 5 Problem Set eBook Show Me How ? Entries for notes payable Bennett Enterprises issues a $588,000, 30-day, 7%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank. a. Journalize Bennett Enterprises' entries to record: 1. the issuance of the note. 2. the payment of the note at maturity. 1. Inventory Notes Payable 000 00 2. Notes Payable Interest Expense Cash Feedback Check My Work If you were the borrower how much would you be leaving Spectrum Industries with in proceeds? What does the liability always have to be recorded at? b. Journalize Spectrum Industries' entries to record: . the receipt of the note. 2. the receipt of the payment of the note at maturity. 1. Notes Receivable Sales 000 00 000 00 2. Cash Notes Receivable Interest Revenue Feedback Check My Work check My Work Previous Next Assignment Score: 48.7% Email Instructor Save and Exit Submit Assignment for Grading