Oriole Logging and Lumber Company owns $2,770$ acres of timberland on the north side of Mount Leno, which was purchased in $2008$ at a cost of $\backslash (\backslash$$ $560\backslash )$ per acre. In $2020,$ Oriole began selectively logging this timber tract. In May $2020,$ Mount Leno erupted, burying the timberland of Oriole under a foot of ash. All of the timber on the Oriole tract was downed. In addition, the logging roads, built at a cost of $\backslash (\backslash$$ $145,200\backslash ),$ were destroyed, as well as the logging equipment, with a net book value of $\backslash (\backslash$$ $327,100\backslash ).$At the time of the eruption, Oriole had logged $\backslash (20\backslash \%\backslash )$ of the estimated $557,350$ board feet of timber. Prior to the eruption, Oriole estimated the land to have a value of $\backslash (\backslash$$ $210\backslash )$ per acre after the timber was harvested. Oriole includes the logging roads in the depletion base. Oriole estimates it will take $3$ years to salvage the downed timber at a cost of $\backslash (\backslash$$ $659,900\backslash ).$ The timber can be sold for pulp wood at an estimated price of $\backslash (\backslash$$ $2\backslash )$ per board foot. The value of the land is unknown, but must be considered nominal due to future uncertainties Part $3$ X Your answer is incorrect. If this tract represents approximately half of the timber holdings of Oriole, determine the amount of the unusual loss due to the eruption of Mount Leno for the year ended December $31,2020.$ Unusual loss due to the eruption of Mount Leno $\backslash (\backslash$$ $\backslash )$

Novak Corporation, a manufacturer of steel products, began operations on October $1,2024.$ The accounting department of Novak has

started the fixed$-$asset and depreciation schedule presented as follows. You have been asked to assist in completing this schedule. In

addition to ascertaining that the data already on the schedule are correct, you have obtained the following information from the

company's records and personnel.

Depreciation is computed from the first of the month of acquisition to the first of the month of disposition.

Land A and Building A were acquired from a predecessor corporation. Novak paid $$856,000$ for the land and building

together. At the time of acquisition, the land had an appraised value of $$90,500,$ and the building had an appraised value of

$$814,500.$

Land B was acquired on October $2,2024,$ in exchange for $2,500$ newly issued shares of Novak's common stock. At the date of

acquisition, the stock had a par value of $$5$ per share and a fair value of $$29$ per share. During October $2024,$ Novak paid

$$14,800$ to demolish an existing building on this land so it could construct a new building.

Construction of Building B on the newly acquired land began on October $1,2025,$ By September $30,2026,$ Novak had paid

Question $6$ of $6$

$$292,400$ of the estimated total construction costs of $$431,500.$ It is estimated that the building will be completed and

occupied by July $2027.$

Certain equipment was donated to the corporation by a local university. An independent appraisal of the equipment when

donated placed the fair value at $$41,200$ and the salvage value at $$3,300.$

Machinery A$\text{'}$s total cost of $$176,200$ includes installation expense of $$580$ and no

Complete the Schedule below

Depreciation

Expense

Year Ended

September $30$rmal repairs and maintenance of $$15,000.$

Salvage value is estimated at $$7,300.$ Machinery A was sold on February $1,2026.$

On October $1,2025,$ Machinery B was acquired with a down payment of $$6,950$ and the remaining payments to be made in

$11$ annual installments of $$7,210$ each beginning October $1,2025.$ The prevailing interest rate was $8\%.$ The following data

were abstracted from present value tables $($rounded$).$

Complete the schedule below. $($Round factor value to $3$ decimal places, e$.$g$.0\mathrm{.}231$ and final answers to $0$ decimal places, e$.$g$.45,892.)$