a. What is LCM's cost depletion for years 1, 2, and 3? Year 1 Year 2 Year 3 Cost Depletion
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M2
![b. What Is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)?
Year 1
Year 2
Year 3
Percentage
Depletion](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb9a81e89-2c71-430b-b2ab-d050d4f3187b%2F8e636c0b-deec-4e2a-b4a2-550575a4098f%2Fvz9evp7_processed.jpeg&w=3840&q=75)
![Required Information
[The following information applies to the questions displayed below.]
Last Chance Mine (LCM) purchased a coal deposit for $2,485,700. It estimated It would extract 18,550 tons of coal from
the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.12 million, $6.5 million, and $4.5 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 ($12,900), $635,000, and $475,000, respectively. In years 1-3, LCM extracted 19,550 tons of coal as follows:
(1) Tons of
Coal
18,550
(2) Basis
$2,485,700
Year 1
Year 2
Year 3
Depletion
(2)/(1) Rate
$134.00
a. What is LCM's cost depletion for years 1, 2, and 3?
Year 1
3,500
Note: Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.
Cost Depletion
Tons Extracted per Year
Year 2
9,650
Year 3
6,400](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb9a81e89-2c71-430b-b2ab-d050d4f3187b%2F8e636c0b-deec-4e2a-b4a2-550575a4098f%2F1bka0yb_processed.jpeg&w=3840&q=75)
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- Required information [The following information applies to the questions displayed below.] Last Chance Mine (LCM) purchased a coal deposit for $1,667,600. It estimated it would extract 18,950 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.32 million, $5 million, and $4.1 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 ($17,500), $702,500, and $695,000, respectively. In years 1-3, LCM extracted 19,950 tons of coal as follows: (1) Tons of Coal 18,950 Depletion (2) Basis (2)+(1) Rate $1,667,600 $88.00 Year 3 Year 1 4,800 6,000 Note: Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars. Tons Extracted per Year Year 2 9,150 b. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)? Year 1 Year 2 Year 3 Percentage DepletionRequired information. [The following information applies to the questions displayed below.) Last Chance Mine (LCM) purchased a coal deposit for $2,305,050. It estimated it would extract 18,150 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.18 million, $4.5 million, and $3.3 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 ($11,500), $737,500, and $647,500, respectively. In years 1-3, LCM extracted 19,150 tons of coal as follows: (1) Tons of Coal (2) Banis $2,305,050 Depletion (2)/(1) Rate $127.00 Tons Extracted per Year Year 1 2,300 Year 2 11,350 Year 3 5,500 18.150 Note: Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars. c. Using the cost and percentage depletion computations from parts (a) and (b), what is LCM's actual depletion expense for each year? Answer is complete but not entirely…Required information [The following information applies to the questions displayed below.] Last Chance Mine (LCM) purchased a coal deposit for $2,088,450. It estimated it would extract 17,550 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.15 million, $4.35 million, and $3.1 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 ($15,400), $667,500, and $662,500, respectively. In years 1-3, LCM extracted 18,550 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) (1) Tons of Coal 17,550 (2) Basis $2,088,450 Depletion (2)/(1) Rate $119.00 Year 1 2,400 Tons Extracted per Year Year 2 11,450 Year 3 4,700 c. Using the cost and percentage depletion computations from parts (a) and (b), what is LCM's actual depletion expense for each year? Depletion Expense Year 1 Year 2 $…
- Required information [The following information applies to the questions displayed below.] Last Chance Mine (LCM) purchased a coal deposit for $750,000. It estimated it would extract 12.000 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1 million, $3 million, and $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 ($20,000). $500,000, and $450,000, respectively. In years 1-3, LCM actually extracted 13,000 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) (3) Tons of Coal 12,000 Year 1 2 3 Depletion (2) (2)/(1) Basis Rate $750,000 $62.50 Tons Extracted per Year Year 1 Year 21 Year 3 2,000 7,200 3,800 b. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)? Percentage DepletionGodoLast 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)?Last Chance Mine (LCM) purchased a coal deposit for $2,282,400. It estimated it would extract 15,850 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.21 million, $51 million, and $4.3 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 ($16,500), $730,000, and $527,500, respectively. In years 1–3, LCM extracted 16,850 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) (1) Tons of Coal Year 1 (2) Basis Depletion (2)/(1) Tons Extracted per Rate Year 3 Year Year 2 15,850 $2,282,400 $144.00 4,150 7,300 5,400 c. Using the cost and percentage depletion computations from parts (a) and (b), what is LCM's actual depletion expense for each year?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 -
- 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 ○ $393,750Intra-Spect Mining Co. acquired mineral rights for $52,000,000. The mineral deposit is estimated at 40,000,000 tons. During the current year, 9,200,000 tons were mined and sold. Question Content Areaa. Determine the depletion rate. If required, round your answer to two decimal places.$fill in the blank 6865550bc008074_1 per ton b. Determine the amount of depletion expense for the current year.$fill in the blank 6865550bc008074_2Question Content Areac. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31 - Select -- Select - - Select -- Select - eBook Show Me How Question Content Area Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $115,200. In addition, on December 31, it was estimated that goodwill of $51,500 was impaired. Question Content Area a. Record the acquisition of patent. If…Hidden Hollow Mining Co. acquired mineral rights for $42,500,000. The mineral deposit is estimated at 50,000,000 tons. During the current year, 11,500,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places.$fill in the blank 91e68b00e031f88_1 per ton b. Determine the amount of depletion expense for the current year.$fill in the blank 91e68b00e031f88_2 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. Dec. 31 fill in the blank 346c5df8f020fe0_2 fill in the blank 346c5df8f020fe0_3 fill in the blank 346c5df8f020fe0_5 fill in the blank 346c5df8f020fe0_6
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