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this is a 2part accounting question Flannery Company engages in the exploration and development of many types of natural resources. In the last two years,

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this is a 2part accounting question

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Flannery Company engages in the exploration and development of many types of natural resources. In the last two years, the company has engaged in the following activities: Jan. 1, Year Purchased for $1, 730,000 a silver mine estimated to contain 137,000 tons of silver ore. July 1, Year Purchased for $1,990,000 a tract of timber estimated to yield 2,580,060 board feet of lumber, and the residual value of the land was estimated at $111,000. Feb. 1, Year Purchased for $3, 020,000 a gold mine estimated to yield 90,000 tons of gold-veined ore. Sept. 1, Year Purchased oil reserves for $1, 334,000. The reserves were estimated to contain 254,000 barrels of 2 oil, of which 11,000 would be unprofitable to pump. Required a. Determine the amount of depletion expense that would be recognized on the Year 1 income statement for each of the two assuming 14,400 tons of silver were mined and 590,000 board feet of lumber were cut. b. Determine the amount of depletion expense that would be recognized on the Year 2 income statement for each of the fou reserves, assuming 24,000 tons of silver are mined, 330,000 board feet of lumber are cut, 5,000 tons of gold ore are mine 76,000 barrels of oil are extracted. c. Prepare the portion of the December 31, Year 2, balance sheet that reports natural resources. Complete this question by entering your answers in the tabs below. Req A and B Req C Determine the amount of depletion expense that would be recognized on the Year 1 income statement for each of the two reserves, assuming 14,400 tons of silver were mined and 590,000 board feet of lumber were cut. Also determine the amount of depletion expense that would be recognized on the Year 2 income statement for each of the four reserves, assuming 24,000 tons of silver are mined, 330,000 board feet of lumber are cut, 5,000 tons of gold ore are mined, and 76,000 barrels of oil are extracted. (Round "per unit" values to 2 decimal places and final answers to the nearest whole dollar amount.) Show less A a. Depletion Expense - Year 1: Silver Mine Timber . Depletion Expense - Year 2: Silver Mine Timber Gold Mine Oil ReservesReq A and B Req C Prepare the portion of the December 31, Year 2, balance sheet that reports natural resources. (Round "per unit" values to 2 decimal places and final answers to the nearest whole dollar amount.) Natural Resources Silver Mine Timber Gold Mine Oil Reserves Total Natural Resources Land Total

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