Turpen Corporation purchased a large forest for $13,000,000 on January 1, 2023. Turpen Corporation estimates that 4,000,000 board feet (BF) of Sumber can be harvested, After 10 years, TurpenCorporation will sell the land and expects it to be worth $3,000,000Requiredal Prepare the journal entry to record the purchase of the forestDo not enter dollar.sions.or.commes in the input boxesDate: Account Title and ExplanationDebitRecord the purchase of the forestb) Calculate the depletion rate for each board foot to be extractedRound your answers to 2 decimal places.Unit CostDer board foot=Dec 31c) During the current year, the company harvested and sold 500,000 board feet. Prepare the journal entry to record the harvesting on December 31, 2023Bound your answers to the nearest whole number.DateAccount Title and ExplanationRecord depletion for the year•CreditDebitCredit

Journal entry is the first stage of accounting process.Journal entry used to record business…

Turpen Corporation purchased a large forest for $13,000,000 on January 1, 2023. Turpen Corporation estimates that 4,000,000 board feet (DF) of lumber can be Ran Corporation will sell the land and expects it to be worth $3,000,000 Required a) Prepare the journal entry to record the purchase of the forest Do not enter dollar.sions.or.commes in the input boxes Account Title and Explanation Date Debit Man 1 Record the purchase of the forest Calculate the depletion rate for each board foot to be extracted und your answers to 2 decimal places. Cost per board foot = oc 31 During the current year, the company harvested and sold 500,000 board feet. Prepare the journal entry to record the harvesting on December 31, 2023 und your answers to the nearest - ble number. Date Account Title and Explanation F • Credit Debit Credit

Turpen Corporation purchased a large forest for $13,000,000 on January 1, 2023. Turpen Corporation estimates that 4,000,000 board feet (DF) of lumber can be Ran Corporation will sell the land and expects it to be worth $3,000,000 Required a) Prepare the journal entry to record the purchase of the forest Do not enter dollar.sions.or.commes in the input boxes Account Title and Explanation Date Debit Man 1 Record the purchase of the forest Calculate the depletion rate for each board foot to be extracted und your answers to 2 decimal places. Cost per board foot = oc 31 During the current year, the company harvested and sold 500,000 board feet. Prepare the journal entry to record the harvesting on December 31, 2023 und your answers to the nearest - ble number. Date Account Title and Explanation F • Credit Debit Credit

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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Current Attempt in Progress Marigold Corp. acquires land for $100000 cash. Additional costs are as follows: Removal of shed Filling and grading Residual value of lumber from shed Paving of parking lot Closing costs Type here to search $430 $104890. O $100000. O$104460. O $120690. 3300 Marigold will record the cost of the land as 150 15500 1310 C P 5 59 -4°C Clear 4) ENG 10: 2022
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Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $820,000. The estimated market values of the purchased assets are building, $547,250, land, $308,450, land improvements, $29,850, and four vehicles, $109,450. 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $29,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation.
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Rodriguez Company pays $358,020 for real estate with land, land improvements, and a building. Land is appraised at $164,000; land improvements are appraised at $82,000; and the building is appraised at $164,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers Required 1 Required 2 Allocate the total cost among the three assets. (Round answers to 2 decimal places.) Appraised Value Percent of Total Appraised Value x Total Cost of = Apportioned Acquisition Cost Land Land improvements Building Totals Required 2
Rodriguez Company pays $347,490 for real estate with land, land improvements, and a building. Land is appraised at $189,000; land improvements are appraised at $63,000; and the building is appraised at $168,000. 1. Allocate the total cost among the three assets. 2. Prepare the journal entry to record the purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Allocate the total cost among the three assets. Note: Round your "Apportioned Cost" answers to 2 decimal places. Appraised Value Percent of Total Appraised Value x Total Cost of Acquisition = Apportioned Cost Land $ 189,000 45% Land improvements 63,000 15% Building 168,000 40% Totals $ 420,000 100% 0.00
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Required information (The following information applies to the questions displayed below.) Rodriguez Company pays $335,000 for real estate plus $17,755 in closing costs. The real estate consists of land appraised at $196,000; land improvements appraised at $68,600; and a building appraised at $225,400. Prepare the journal entry to record the purchase. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet Record the costs of lump-sum purchase.
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