Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bramble Company owns 9,000 acres of timberland purchased in 2006 at a cost of $1,610 per acre. At the time of purchase, the land without

Bramble Company owns 9,000 acres of timberland purchased in 2006 at a cost of $1,610 per acre. At the time of purchase, the land without the timber was valued at $460 per acre. In 2007, Bramble built fire lanes and roads, with a life of 30 years, at a cost of $96,600. Every year, Bramble sprays to prevent disease at a cost of $3,450 per year and spends $8,050 to maintain the fire lanes and roads. During 2008, Bramble selectively logged and sold 805,000 board feet of timber, of the estimated 4,025,000 board feet. In 2009, Bramble planted new seedlings to replace the trees cut at a cost of $115,000. Determine the depreciation expense and the cost of timber sold related to depletion for 2008. (Round intermediate calculations to 5 decimal places, e.g. 1.54687 and final answers to 0 decimal places, e.g. 5,125.) Depreciation expense $ Cost of timber sold $ Link to Text Bramble has not logged since 2008. If Bramble logged and sold 1,035,000 board feet of timber in 2019, when the timber cruise (appraiser) estimated 5,750,000 board feet, determine the cost of timber sold related to depletion for 2019. (Round intermediate calculations to 5 decimal places, e.g. 1.54687 and final answers to 0 decimal places, e.g. 5,125.) Cost of timber sold $

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

The Fraud Audit Responding To The Risk Of Fraud In Core Business Systems

Authors: Leonard W. Vona

1st Edition

0470647264, 978-0470647264

More Books

Students also viewed these Accounting questions

Question

What issues should Lou and Dora consider?

Answered: 1 week ago