Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

45. LO 7.5) Goldrush Corporation bought a mine in year 1 for $90,000 and estimated there were 100 tons of extractable ore. In year I,

image text in transcribed
45. LO 7.5) Goldrush Corporation bought a mine in year 1 for $90,000 and estimated there were 100 tons of extractable ore. In year I, it mined 8,000 tons and sold 7.000 tons. In year 2, it mined 7.000 sold the remaining 1,000 tons from year 1 and 6,500 of the ore mined in year 2. At the end of year Goldrush Corporation estimated that, including the ore extracted but unsold, there were 160,000 tone of ore remaining. Compute the allowable cost depletion for year 1 and year 2. 46. [LO 7.5) Striker Corporation bought a mine in year 1 for $100,000 and estimated that there were 100,000 tons of extractable ore. In year 1, it mined 10,000 tons and sold 8,000 tons. In year 2, it mined 9,000 and sold the remaining 2,000 tons from year 1 and 6,000 of the ore mined in year 2. At the end of year 2, Striker Corporation estimated that, including the ore extracted but unsold, there were 150.000 tons of ore remaining. Compute the allowable cost depletion for year 1 and year 2

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson

6th edition

978-0077328894, 71313974, 9780077395810, 77328892, 9780071313971, 77395816, 978-0077400163

More Books

Students also viewed these Accounting questions

Question

Define induction and what are its objectives ?

Answered: 1 week ago

Question

Discuss the techniques of job analysis.

Answered: 1 week ago

Question

How do we do subnetting in IPv6?Explain with a suitable example.

Answered: 1 week ago

Question

Explain the guideline for job description.

Answered: 1 week ago

Question

What is job description ? State the uses of job description.

Answered: 1 week ago