Requirement :

Record the journal entries on 1 SEP 20x2, 31 December 20x2 and I February 20x3. (Record depreciation only at year end.)

Question 2: - Canker Co. is a mining company with 750,000 pounds of silver inventory at 1 September 2012, with a total cost of USD 2,500,000. On 1 September 2012, Canker Co. entered into a silver sale forward contract maturing on 1 February 2013, at a forward price of 5.75 Silver spot and forward prices are as follows: 1-Sep-12 31-Dec-12 1-Feb-13 Silver spot prices 5.55 5.75 Silver forward price for maturity 1 February 2013 5.75 5.8 5.9 5.9 Requirements