On July 1, 2010, Premier Paper Company purchased 1,000 acres of timberland for $22,427,500. The land without

Question:

On July 1, 2010, Premier Paper Company purchased 1,000 acres of timberland for $22,427,500. The land without the timber is valued at $2,427,500.

The land contained 5,494,505 board feet of timber. During the year ended June 30, 2011, Premier Paper Company logged and sold 525,000 board feet of timber.

1. How much depletion should Premier Paper Company record for the year ended June 30, 2011?

2. What is the book value of the timber at June 30, 2011, the end of the fiscal year?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting: A Business Process Approach

ISBN: 978-0136115274

3rd edition

Authors: Jane L. Reimers

See More Books

Question Posted: Sep 01, 2014 12:41 PM

See More Questions

A corporation has the following account balances on December 31, 2019: Accounts payable $2,500 Accounts receivable 5,200 Advertising expense 450 Cash 1,500 Common stock 1,500 Interest expense 400...
On 10th October 2021, a cheque of GH 3,425.00 was issued to Ghana Revenue Authority (GRA) for the payment of Withholding Tax deducted on the supplied examination stationery* for the month of...
During the year ended June 30, 2012, the following transactions were recorded by St. Anns College, a private institution: 1. Tuition and fees amounted to $6,800,000, of which $4,500,000 was received...
Show that in the limit ??x ?? 0 and ??t ?? 0, the difference Equation (3.12) is equivalent to the differential Equation (2.5). GIVENThe difference equation for one-dimensional transient...
1. How much does the re-cleaning cost Nicky per year? Show all mathematical calculations. 2. If everyone is trained, how much will the training cost? How much will it cost if only the group with the...
Create a simple player table. Include at least six fields and five records.
_____5. In order to change the name of an account, do the following: a. Left-click on the account; right-click Open Selected Items. b. Right-click on the account; left-click Open Selected Items. c....
Starbright Coffee Shop at the Galleria Mall serves two coffee blends it brews on a daily basis, Pomona and Coastal. Each is a blend of three high-quality coffees from Colombia, Kenya, and Indonesia....
. Suppose we have a bond with current price of $102, 2.35% YTM, and Modified Duration of 7.8; if the YTM decreases to 2.45%, use its Modified Duration to find the new price.
An airline company wishes to reduce the customer waiting time at the gates at a major airport using Taguchi Design of Experiments. The management decides to use Taguchi design of experiments for this...
Pristine Carpet Cleaner bought a new steamer for $137,000 cash at the beginning of 2010. The estimated useful life is eight years and the estimated salvage value is $2,000. The estimated productivity...
Big Apple Realty has decided to acquire a competing realty firm. The competitor firm has assets with a market value of $375,000 and liabilities with a market value of $110,000, and Big Apple pays...
The specifications for a lead storage battery include delivery of a steady 1.5 A of current for 15 hours. (a) What is the minimum mass of lead that will be used in the anode? (b) What mass of PbO 2...
A pistoncylinder device contains 0.85 kg of refrigerant-134a at 210 oC. The piston that is free to move has a mass of 12 kg and a diameter of 25 cm. The local atmospheric pressure is 88 kPa. Now,...
3.3. Using the BEMT, show the effect of increasing linear twist on the variations in inflow, thrust, induced power, profile power, and lift coefficient across the span of a rotor with four blades of...
By uploading this work, I attest that the work contained herein is solely my own, that I only used the given equation sheet as a reference, and that I have not received any information from anyone...
Demand for patient surgery at Washington General Hospital has increased steadily in the past few years, as seen in the following table: ...
Explain product analysis
Match each of the following eight year-end adjustments with the appropriate year-end adjusting journal entry. Year end adjustments 1. An expense has been incurred but not yet paid. 2. A $5,000...
The following items were displayed in the statement of affairs for Lubbock Company: Fully secured liabilities ......... $90,000 Partially secured liabilities ....... 12,000 Unsecured liabilities...
Lauren is single, age 60, and has an annual salary of $68,000. She paid off her mortgage in December 2016 but expects that her annual real estate taxes will continue to be approximately $5,800....
Identify the characteristics of useful information.
Discuss the trade-offs between relevant and reliable information.
Distinguish between comparability and consistency.
please do it in detail (d) Generally Accepted Auditing Standards requires a CPA to have adequate training and proficiency. Explain how auditors could fulfil that requirement. (4 marks)
Which of the following is an advantage for companies to go public relative to staying private? Going public gives the company's early investors an opportunity to cash out or diversify their...
NIO stock is currently trading for $17. You assess that there is a chance the stock rises 20% within 30 days, otherwise it will fall by 15%; no other outcomes are considered possible. If you want to...

On July 1, 2010, Premier Paper Company purchased 1,000 acres of timberland for $22,427,500. The land without

Question:

Step by Step Answer:

1 Cost of Land with Timber 22427500 Value of Land wo timber 2427500 Va...View the full answer

Financial Accounting: A Business Process Approach

Students also viewed these Accounting questions