ABC Mining Company paid $200,000 to purchase a mine with 100,000 tons of coal reserves. The company extracted 12,000 tons of coal in Year 1 and 38,000 tons in Year 2. What is the Year 2 Depletion Expense?

ABC Company acquired XYZ Inc. for $350,000 cash and assumed all liabilities at the date of purchase. XYZs books showed Equipment of $300,000, Accounts Payable of $100,000, and Common Stock of $200,000. An appraiser assessed the fair market value of the equipment at $255,000 at the date of acquisition with 3 years of useful life left. Just prior to the acquisition, ABC Company had $500,000 in Cash and Common Stock. Compute the amount of Goodwill acquired.

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