OLDS COLLEGE Question 27 AME ENGAGE Not yet Markest out of 9.00 F Flag Question Shaggy Corporation purchased a large forest for $11 million on January 1, 2023. The company estimates that 2 million foot board measure (FM) of lumber can be harvested. After 10 years, the company will sell the land and expects it to be worth 51 million Required a) Prepare the journal entry to record the purchase of the forest. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Jan 1 Debit Credit Record the purchase of the forest b) Calculate the unit for each foot board measure to be extracted Round your answers to 2 decimal places. Unit Cost-$ per FBM c) During the current year, the company harvested and sold 300,000 FBM Prepare the journal entry to record the harvesting on December 31, 2023 Round your answers to the nearest whole number. Date Account Title and Explanation Dec 31 Record depletion for the year Debit Credit English (en) Aakashd Quiz navigab C