Prepare the journal entry to record depletion. (Credit account titles are automatically indented when amount is entered. Do not .O A indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit .O OP Dec. 31 OPO e Textbook and Media List of Accounts A Q Assume that the 101,000 tons of ore were mined, but only 81,000 units were sold. Indicate how are the costs applicable to the 20,000 unsold units reported? The costs pertaining to the unsold units are reported in as part of V at $ AOn July 1, 2020, Marigold Corp. invested $611,250 in a mine estimated to have 815,000 tons of ore of uniform grade. During the last 6 months of 2020, 101,000 tons of ore were mined. Calculate depletion cost per unit. (Round answer to 2 decimal places. 3.3. 0.50.) Depletion cost per unit $ l Prepare the entry to record the exchange of assets by Concord Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit eTextbook and MediaPrepare the entry to record the exchange of assets by Skysong Inc. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select \"No Entry\" for the account titles and enter 0 for the amounts.) Account Tides and Explanation Debit Credit Presented below are two independent transactions. Both transactions have commercial substance. Concord Co. exchanged old trucks {cost $66,000 less 5519.500 accumulated depreciation) plus cash of $18,500 for new trucks. The old trucks had a fair value of $42,400. 2. Skysong Inc. trades its used machine {cost $12,510 less $4,170 accumulated depreciation) for a new machine. In addition to exchanging the old machine {which had a fair value of $10,840), Skysong also paid cash of $3,300. Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit v vCalculate ending balances as at 12/31/20. Ending balances Patents $ Goodwill Franchises Research and Development Expense $ eTextbook and MediaWhispering Winds Corp., organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent (5-year life) $365,000 4/1/20 Goodwill purchased (indefinite life) 360,000 7/1/20 13-year franchise; expiration date 7/1/2033 650,000 9/1/20 Research and development costs 178,000
