Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Splish Company owns 9,000 acres of timberland purchased in 2009 at a cost of $1.736 per acre. At the time of purchase, the land without

image text in transcribed

image text in transcribed

Splish Company owns 9,000 acres of timberland purchased in 2009 at a cost of $1.736 per acre. At the time of purchase, the land without the timber was valued at $496 per acre. In 2010, Splish built fire lanes and roads, with a life of 30 years, at a cost of $104,160. Every year, Splish sprays to prevent disease at a cost of $3,720 per year and spends $8,680 to maintain the fire lanes and roads. During 2011. Splish selectively logged and sold 868.000 board feet of timber of the estimated 4,340,000 board feet. In 2012, Splish planted new seedlings to replace the trees cut at a cost of $124.000 Your answer is partially correct. Determine the depreciation expense and the cost of timber sold related to depletion for 2011. (Round the final answers to O decimal places, eg 5,125.) Depreciation expenses Cost of timer sold $ e Textbook and Media X Your answer is incorrect. Splish has not logged since 2011. If Splish logged and sold 1,116,000 board feet of timber in 2022, when the timber cruise (appraiser) estimated 6,200,000 board feet, determine the cost of timber sold related to depletion for 2022. (Round intermedia calculations to 5 decimal places, e.g. 1.54687 and final answers to decimal places, eg. 5,125.) Cost of timber sold $ e Textbook and Media

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Effect Of Audit Quality On The Market Value Of Listed Non Financial Companies In Nigeria

Authors: Dr. Patience Ote Ola

1st Edition

6200479496, 978-6200479495

More Books

Students also viewed these Accounting questions

Question

Search for topics on the Internet, in the media, and in books.

Answered: 1 week ago