e value is expected and 2 million to e a Debit to inventory of $1,200,000
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- Gimli Miners recently purchased the rights to a diamond mine. It is estimated that there are one million tons of ore within the mine. Gimli paid $23,100,000 for the rights and expects to harvest the ore over the next ten years. The following is the expected extraction for the next five years. Year 1: 50,000 tons Year 2: 90,000 tons Year 3: 100,000 tons Year 4: 110,000 tons Year 5: 130,000 tons Calculate the depletion expense for the next five years, and create the journal entry for year one.Answer it very soon for upvotes?23 )
- A coal company invests $12 million in a mine estimated to have 20 million tons of coal and no salvage value. It is expected that the mine will be in operation for 5 years. In the first year, 1,000,000 tons of coal are extracted and sold. 1) What is the depletion expense for the first year, 2) show calculations of how you calculated cost per ton mined?XYZ Company purchased land for P6,000,000. The company expected to extract 1 million tons of mine from this land over the next 20 years at which time, residual value will be zero. During the first two years of the mine's operations, 30.000 tons were mined each year and sold for P80 per lon. The estimate of the total remaining lifetime capacity of the mine was estimated to be P480,000. Duning the third year, 50,000 tons were mined and sold for P85 per ton. How much would be the depletion for the third year?A coal company invests $10 million in a mine estimated to have 15 million tons of coal and no salvage value. It is expected that the mine will be in operation for 5 years. In the first year, 1140000 tons of coal are extracted and sold. What is the depletion expense for the first year?
- On April 17, 2024, the Loadstone Mining Company purchased the rights to a copper mine. The purchase price plus additional costs necessary to prepare the mine for extraction of the copper totaled $4,040,000. The company expects to extract 1,010,000 tons of copper during a four-year period. During 2024, 251,000 tons were extracted and sold immediately. Required: 1. Calculate depletion for 2024. 2. Is depletion considered part of the product cost and included in the cost of inventory? 1. Depletion for 2024 2. Is depletion considered part of the product cost and included in the cost of inventory?Ten investors invested an amount of P 75 million each for coal mining at Sierra Madre Mountain. It is expected that the mine contains 5, 000, 000 tons of coal ores and due to latest technology, it can mine 125, 000 tons of unprocessed ores. The management expects an annual expenses of P 35 million, an annual miscellaneous expenses of P 12 million and milling, drilling and other procedural expenses yearly costs P 815 per ton of unprocessed ores of coal. After such process, 85% of the coal ores produces an income of P 1, 750 per ton. a) Find the annual depletion cost of the mine. b) Ten years after operation, the management annual expenses decreases an amount of P 4 million, annual miscellaneous expenses becomes P13 million and procedural expenses becomes P 920 per ton of unprocessed ores. After procedural process, 75% of unprocessed ores produces an income of P 1, 850 per ton. What would then be its average depletion cost annually for the remaining years of the mine?Petroleum drilling equipment costs a company $125,000. The equipment has an estimated salvage value of $30,000. What is the allowable depreciation for this equipment in year 3? a. $18, 240 b. $19,000 c. $24,000 d. $25,000 A project costs $80,000 initially and will have a $15,000 salvage value after 3 years. The operating cost with this method will be $30,000 in year 1, increasing by $4000 each year. What is the PW of this project? I = 12% a. $12, 338 b. $150, 377 c. $-150,260 d. $2731
- MNH firm revealed a large coal mine expected to mine 254 tons of coal. The firm invests $10264 for mining the coal. They are effective in extracting 50 tons of the coal in the first year. Then the depletion cost is: O 5051.18 O 4040.94 O 2020.47 O 3030.71 O 1010.24Wildhorse's Custom Construction Company is considering three new projects, each requiring an equipment investment of $26,840. Each project will last for 3 years and produce the following net annual cash flows. Year AA BB CC 1 $8,540 $12,200 $15,860 2 10,980 12,200 14,640 3 14,640 12,200 13,420 Total $34,160 $36,600 $43,920 The equipment's salvage value is zero, and Wildhorse uses straight-line depreciation. Wildhorse will not accept any project with a cash payback period over 2 years. Wildhorse's required rate of return is 12%. Click here to view PV table. (a) Compute each project's payback period. (Round answers to 2 decimal places, e.g. 15.25.) AA BB years years CC yearsWhat is the average unit cost of the total investment as of December 31, 2020? *