English (en) - Take me to the text Velma Corporation purchased a large forest for $12 million on January 1, 2020. The company estimates that 5 million board feet of lumber can be harvested. After 10 years, the company will sell the land and expects it to be worth $1 million Required a) Prepare the journal entry to record the purchase of the forest. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Debit Credit Jan 1 Forest 12000000 Cash 12000000 Record the purchase of the forest b) Calculate the unit for each BF to be extracted. Round your answers to 2 decimal places Unit Cost = 5 per board foot During the current year, the company harvested and sold 200,000 board feet. Prepare the journal entry to record the harvesting on December 31, 2020 Round your answers to the nearest whole number Date Account Title and Explanation Debit Credit Dec 31 Depletion Expense Accumulated Depletion Record depletion for the year Type here to search . E EN US