Granite Quarry Inc. purchased a quarry for $2,400,000. The quarry is estimated to contain 3,200,000 tons of granite. After the granite is fully extracted, the land is expected to be worth $400,000. During 2024, Granite Quarry extracted and sold 180,000 tons of granite. What is the amount of depletion that should be recorded?
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- Montello Inc. purchases a delivery truck for $25,000. The truck has a salvage value of $6,000 and is expected to be driven for 125,000 miles. Montello uses the units-of-production depreciation method, and in year one it expects to use the truck for 26,000 miles. Calculate the annual depreciation expense.can you please check my workDuring 2022, Demco Mining acquired a mineral mine for $1,500,000 of which $200,000 was ascribed to land value after the mineral has been removed. Geological surveys have indicated that 10 million units of the mineral could be extracted. During 2022, 1,500,000 units were extracted and 1,200,000 units were sold. What is the amount of depletion expensed for 2022? $
- Perez Company acquires an ore mine at a cost of $4,200,000. It incurs additional costs of $1,176,000 to access the mine, which is estimated to hold 3,000,000 tons of ore. 280,000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $600,000. Calculate the depletion expense from the information given. 1. & 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Complete this question by entering your answers in the tabs below. Depletion Expense General Journal Calculate the depletion expense from the information given. Note: Round "Depletion per unit" to 3 decimal places. Cost Salvage Amount subject to depletion Total units of capacity Depletion per unit Units extracted and sold in period Depletion expenseCompany I purchased a piece of land for its natural resources at a cost of $1,500,000. The land is expected to have a salvage value of $250,000. A lumber expert visited the property and estimated the property to have 500,000 pounds of timber. The first year, the company logged 350,000 pounds of timber, and the second year, another 250,000 pounds of timber were logged. Calculate the depletion expense rate AND calculate the depletion expense the company should recognize in Year 1 and Year 2:Perez Company acquires an ore mine at a cost of $3,360,000. It incurs additional costs of $940,800 to access the mine, which is estimated to hold 2,400,000 tons of ore. 250,000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $480,000. Calculate the depletion expense from the information given. 1. & 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Complete this question by entering your answers in the tabs below. Depletion Expense General Journal X Answer is not complete. Calculate the depletion expense from the information given. Note: Round "Depletion per unit" to 3 decimal places. Cost Salvage Amount subject to depletion Total units of capacity Depletion per unit Units extracted and sold in period Depletion expense $ 4,300,800 (480,000) $ 2,400,000 1.592 250,000 Depletion Expense General Journal >
- Perez Company acquires an ore mine at a cost of $2,380,000. It incurs additional costs of $666,400 to access the mine, which is estimated to hold 1,700,000 tons of ore. 215,000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $340,000. Calculate the depletion expense from the information given. record the cost of the o mine and year end adjusting entryPerez Company acquires an ore mine at a cost of $1,680,000. It incurs additional costs of $470,400 to access the mine, which is estimated to hold 1,200,000 tons of ore. 190,000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $240,000. Calculate the depletion expense from the information given. 1. & 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Complete this question by entering your answers in the tabs below. Depletion Expense General Journal Calculate the depletion expense from the information given. (Round "Depletion per unit" to 3 decimal places.) Cost Salvage Amount subject to depletion Total units of capacity Depletion per unit Units extracted and sold in period Depletion expensePerez Company acquires an ore mine at a cost of $2,940,000. It incurs additional costs of $823,200 to access the mine, which is estimated to hold 2,100,000 tons of ore. 235,000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $420,000. Calculate the depletion expense from the information given. 1. & 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry. Complete this question by entering your answers in the tabs below. Depletion Expense Calculate the depletion expense from the information given. (Round "Depletion per unit" to 3 decimal places.) General Journal Cost Salvage Amount subject to depletion Total units of capacity Depletion per unit Units extracted and sold in period Depletion expense
- A company purchased a tract of land for its natural resources at a cost of $1,500,000. It expects to mine 2,000,000 tons of ore from this land. The salvage value of the land is expected to be $250,000. The depletion expense per ton of ore isPerez Company acquires an ore mine at a cost of $3,780,000. It incurs additional costs of $1,058,400 to access the mine, which is estimated to hold 2,700,000 tons of ore. 265,000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $540,000. Calculate the depletion expense from the information given. 1. & 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry.Ivy company purchased land and a building on January 1, 2022. Management’s best estimate of the value of the land was $100000 and of the building $250000. However, management told the accounting department to record the land at 230000 and the building at $120000. The building is being depreciated on a straight-line basis over 20 years with no salvage value. Why do you suppose management requested this accounting treatment? Is it ethical?