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I need assistance with part (b)! Thank you!! Metlock Company owns 9,000 acres of timberland purchased in 2009 at a cost of $1,540 per acre.
I need assistance with part (b)!
Thank you!!
Metlock Company owns 9,000 acres of timberland purchased in 2009 at a cost of $1,540 per acre. At the time of purchase, the land without the timber was valued at $440 per acre. In 2010, Metlock built fire lanes and roads, with a life of 30 years, at a cost of $92,400. Every year, Metlock sprays to prevent disease at a cost of $3,300 per year and spends $7,700 to maintain the fire lanes and roads. During 2011, Metlock selectively logged and sold 770,000 board feet of timber, of the estimated 3,850,000 board feet. In 2012, Metlock planted new seedlings to replace the trees cut at a cost of $110,000. (a) Your answer is correct. Determine the depreciation expense and the cost of timber sold related to depletion for 2011. (Round the final answers to O decimal places, e.g. 5,125.) Depreciation expense $ 3080 Cost of timber sold $ 1980000 e Textbook and Media Attempts: 1 of 3 used (b) x Your answer is incorrect. Metlock has not logged since 2011. If Metlock logged and sold 990,000 board feet of timber in 2022, when the timber cruise (appraiser) estimated 5,500,000 board feet, determine the cost of timber sold related to depletion for 2022. (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 $ 1100 e Textbook and Media Save for Later Attempts: 1 of 3 used SubmitStep by Step Solution
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