Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

9 Construction Material Suppliers Inc purchases farmland for Additional amount needed to be invested to make the property mineablo The amount of limestone estimated to

image text in transcribed
image text in transcribed
9 Construction Material Suppliers Inc purchases farmland for Additional amount needed to be invested to make the property mineablo The amount of limestone estimated to be mined from the land is The number of years the mine is expected to provide sales for the company The residual value of the land at the end of the mining is expected to be The company mined limestone in 2021 of The company sold limestone in 2021 of The company sells the limestone as gravel for (25 points) a) Compute the depletion rate per ton. (round to penny) b) Prepare the journal entry for the extraction of the limestone for 2021: \begin{tabular}{|l|l|l|l|} \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} c) Prepare the journal entries for the sale of the limestone for 2021: \begin{tabular}{|l|l|l|l|} \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} (Note: be sure journal entries are in the proper format) Nutra Feed Supplements purchased a new hammer mill on July 1, 2019 for: Use straight ine depreciation as.suming a useful life of: On July 1, 2022, Agro purchased a bagger option for the hammer mil: The precision monitor gives the festing station a new useful iffe from today of The new salvage value is Assume a calendar year fiscal year end. (15 points) a Cakulate the amount to depreclate for the future: b) Prepare the final 2022 dopreciation entry: \begin{tabular}{|l|l|l|l|} \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} c) Prepare the 2023 dopreclabon entry

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

Step: 3

blur-text-image

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

The Audit Process Principles Practice And Cases

Authors: Stuart Manson, Iain Gray, Iain G. Sheffield, I.H. Gray, I. Etal Gray

2nd Edition

1861520107, 9781861520104

More Books

Students also viewed these Accounting questions