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EX 9-19 Depletion entries Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estim 30,000,000 tons. During the current year, 4,000,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. b. Journalize the adjusting entry on December 31 to ize the d

EX 9-19 Depletion entries Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estim 30,000,000 tons. During the current year, 4,000,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. b. Journalize the adjusting entry on December 31 to ize the d

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Tui me 6f 15 years, b. Assuming that the equipment was sold on April 1 of the sixth year for $105,800, journalize the entries to record (1) depreciation for the three months until the sale date, and (2) the sale Talde of the equipment at December 31 the end of the fifth year? depreciated by the straight-line method. of the equipment, EX 9-18 Disposal of fixed asset Equipment acquired on January 6 at a cost of $375,000 has an estimated useful life of 20 years and an estimated residual value of $25,000. What was the annual amount of depreciation for Years 1-3 using the straight-line method of depreciation? b. What was the book value of the equipment on January 1 of Year 4? b. $322,500 Obj. 3 a. SHOW ME HOW c. Assuming that the equipment was sold on January 3 of Year 4 for $300,000, journalize the entry to record the sale. d. Assuming that the equipment had been sold on January 3 of Year 4 for $325,000 instead of $300,000, journalize the entry to record the sale. EX 9-19 Depletion entries Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 4,000,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Obj. 4 Va. $9,000,000 b. Journalize the adjusting entry on December 31 to recognize the depletion expense. SHOW ME HOW EX 9-20 Amortization entries Obj. 5 Kleen Company acquired patent rights on January 10 of Year 1 for $2,800,000. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $38,000. Va. $357,600 a. Determine the patent amortization expense for Year 4 ended December 31. SHOW ME HOW b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. EX 9-21 Book value of fixed assets Obj. 6 Apple Inc. (AAPL) designs, manufactures, and markets personal computers and related software. Apple also manufactures and distributes music players (iPod), mobile phones (iPhone), and smart- watches (Apple Watch) along with related accessories and services, including online distribution of third-party music, videos, and applications. The following information was taken from a recent annual report of Apple: REAL WORLD Property, plant, and equipment (in millions): Current Preceding
Transcribed Image Text:Tui me 6f 15 years, b. Assuming that the equipment was sold on April 1 of the sixth year for $105,800, journalize the entries to record (1) depreciation for the three months until the sale date, and (2) the sale Talde of the equipment at December 31 the end of the fifth year? depreciated by the straight-line method. of the equipment, EX 9-18 Disposal of fixed asset Equipment acquired on January 6 at a cost of $375,000 has an estimated useful life of 20 years and an estimated residual value of $25,000. What was the annual amount of depreciation for Years 1-3 using the straight-line method of depreciation? b. What was the book value of the equipment on January 1 of Year 4? b. $322,500 Obj. 3 a. SHOW ME HOW c. Assuming that the equipment was sold on January 3 of Year 4 for $300,000, journalize the entry to record the sale. d. Assuming that the equipment had been sold on January 3 of Year 4 for $325,000 instead of $300,000, journalize the entry to record the sale. EX 9-19 Depletion entries Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 4,000,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Obj. 4 Va. $9,000,000 b. Journalize the adjusting entry on December 31 to recognize the depletion expense. SHOW ME HOW EX 9-20 Amortization entries Obj. 5 Kleen Company acquired patent rights on January 10 of Year 1 for $2,800,000. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $38,000. Va. $357,600 a. Determine the patent amortization expense for Year 4 ended December 31. SHOW ME HOW b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. EX 9-21 Book value of fixed assets Obj. 6 Apple Inc. (AAPL) designs, manufactures, and markets personal computers and related software. Apple also manufactures and distributes music players (iPod), mobile phones (iPhone), and smart- watches (Apple Watch) along with related accessories and services, including online distribution of third-party music, videos, and applications. The following information was taken from a recent annual report of Apple: REAL WORLD Property, plant, and equipment (in millions): Current Preceding
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