1.Bonita Industries reported the following data:

		2020		2021
Sales		$2950000		$4570000
Net Income		298000		390000
Assets at year end		1840000		2520000
Liabilities at year end		1100000		1410000

What is Bonitas asset turnover for 2021?

1.81

1.87

2.48

2.10

2.In 2013, Sheffield Corp. purchased a tract of land as a possible future plant site. In January, 2021, valuable sulphur deposits were discovered on adjoining property and Sheffield Corp. immediately began explorations on its property. In December, 2021, after incurring $494000 in exploration costs, which were accumulated in an expense account, Sheffield discovered sulphur deposits appraised at $2660000 more than the value of the land. To record the discovery of the deposits, Sheffield should

debit $494000 to an asset account.

debit $3154000 to an asset account.

make no entry.

debit $2660000 to an asset account.