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pls answer Swifty Corporation acquired a tract of land containing an extractable natural resource. Swifty is required by its purchase contract to restore the land
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Swifty Corporation acquired a tract of land containing an extractable natural resource. Swifty is required by its purchase contract to restore the land to a condition suitable for recreational use after it has extracted the natural resource. Geological surveys estimate that the recoverable reserves will be 2420000 tons, and that the land will have a value of $ 960000 after restoration. Relevant cost information follows: Land $ 7580000 Estimated restoration costs 1500000 If Swifty maintains no inventories of extracted material, what should be the charge to depletion expense per ton of extracted material? $ 3.36 $ 3.75 $ 3.13 $ 2.74 In 2020, Coronado Industries reported net income of $ 4.8 billion, net sales of $ 190 billion, and average total assets of $ 75 billion. What is Coronado Industries's asset turnover? 2.53 times. O 0.72 times. O 0.49 times 15.6 times. Sheridan Company owns machinery with a book value of $ 759000. It is estimated that the machinery will generate future cash flows of $ 719000. The machinery has a fair value of $566000. Sheridan should recognize a loss on impairment of $ 193000. $ 40000. $-0- $ 153000. Marigold Corp. purchased equipment in 2019 at a cost of $ 886000. Two years later it became apparent to Marigold Corp. that this equipment had suffered an impairment of value. In early 2021, the book value of the asset is $ 581000 and it is estimated that the fair value is now only $ 356000. The entry to record the impairment is Retained Earnings 225000 Accumulated Depreciation-Equipment 225000 No entry is necessary as a write-off violates the historical cost principle. Loss on Impairment of Equipment 225000 Accumulated Depreciation Equipment 225000 Retained Earnings 225000 225000 Reserve for Loss on Impairment of Equipment
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