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Concord Timber Company owns 9,000 acres of timberland purchased in 2014 at a cost of $1,470 per acre. At the time of purchase, the land without the timber was valued at $420 per acre. In 2015, Concord built fire lanes and roads, with a life of 30 years, at a cost of $88,200. Every year, Concord sprays to prevent disease at a cost of $3,150 per year and spends $7,350 to maintain the fire lanes and roads. During 2016, Concord selectively logged and sold 735,000 board feet of timber, of the estimated 3,675,000 board feet. In 2017, Concord planted new seedlings to replace the trees cut at a cost of $105,000. (a) x Your answer is incorrect. Determine the depreciation expense and the cost of timber sold related to depletion for 2016. Depreciation expense Cost of timber sold $ Save for Later $ eTextbook and Medial 1890000 1379700 Attempts: 1 of 5 used Submit Answer

Concord Timber Company owns 9,000 acres of timberland purchased in 2014 at a cost of $1,470 per acre. At the time of purchase, the land without the timber was valued at $420 per acre. In 2015, Concord built fire lanes and roads, with a life of 30 years, at a cost of $88,200. Every year, Concord sprays to prevent disease at a cost of $3,150 per year and spends $7,350 to maintain the fire lanes and roads. During 2016, Concord selectively logged and sold 735,000 board feet of timber, of the estimated 3,675,000 board feet. In 2017, Concord planted new seedlings to replace the trees cut at a cost of $105,000. (a) x Your answer is incorrect. Determine the depreciation expense and the cost of timber sold related to depletion for 2016. Depreciation expense Cost of timber sold $ Save for Later $ eTextbook and Medial 1890000 1379700 Attempts: 1 of 5 used Submit Answer

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concord Timber Company owns 9,000 acres of timberland purchased in 2014 at a cost of $1,470 per acre. At the time of purchase, the land without the timber was valued at $420 per acre. In 2015, Concord built fire lanes and roads, with a life of 30 years, at a cost of $88,200. Every year, Concord sprays to prevent disease at a cost of $3,150 per year and spends $7,350 to maintain the fire lanes and roads. During 2016, Concord selectively logged and sold 735,000 board feet of timber, of the estimated 3,675,000 board feet. In 2017, Concord planted new seedlings to replace the trees cut at a cost of $105,000. (a) x Your answer is incorrect. Determine the depreciation expense and the cost of timber sold related to depletion for 2016. Depreciation expense Cost of timber sold $ eTextbook and Medial Save for Later $ 1890000 1379700 Attempts: 1 of 5 used Submit Answer
Transcribed Image Text:Concord Timber Company owns 9,000 acres of timberland purchased in 2014 at a cost of $1,470 per acre. At the time of purchase, the land without the timber was valued at $420 per acre. In 2015, Concord built fire lanes and roads, with a life of 30 years, at a cost of $88,200. Every year, Concord sprays to prevent disease at a cost of $3,150 per year and spends $7,350 to maintain the fire lanes and roads. During 2016, Concord selectively logged and sold 735,000 board feet of timber, of the estimated 3,675,000 board feet. In 2017, Concord planted new seedlings to replace the trees cut at a cost of $105,000. (a) x Your answer is incorrect. Determine the depreciation expense and the cost of timber sold related to depletion for 2016. Depreciation expense Cost of timber sold $ eTextbook and Medial Save for Later $ 1890000 1379700 Attempts: 1 of 5 used Submit Answer
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