Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. amortization and depletion entries data related to

Amortization and Depletion Entries Data related to the acquisition of timber...

50.1K

Verified Solution

Question

Accounting

image
Amortization and Depletion Entries Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: a. Timber rights on a tract of land were purchased for $1,190,000 on February 22. The stand of timber is estimated at 8,500,000 board feet. During the current year, 2,300,000 board feet of timber were cut and sold. b. On December 31, the company determined that $1,120,000 of goodwill was Impaired. c. Governmental and legal costs of $6,440,000 were incurred on April 3 in obtaining a patent with an estimated economic life of 10 years. Amortization is to be for three-fourths of a year. Required: 1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items. Do not round your intermediate calculation. 1 Item Impairment, Amortization or Depletion Expense 1,120,000 x b. 483,000 X C. 0.14 X

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Civil Engineering
1.2K views

You are contracted to produce a map of University of Ghana covering the area shown in...

Electrical Engineering
1.2K views

[BI A 30kVA, 3000/1 1 0 V transfomier, the following experimental data was obtained: 0.C test: 3000...

Mechanical Engineering
1.2K views

Air at 25°C flows over a 10-mm-diameter sphere with a velocity of 20 m/s, while the...

Advance Math
1.2K views

Find the inverse Laplace transform for 1 / ((s^2+1)(s+1))

Accounting
1.2K views

Prepare journal entries for a local government to record the following transactions, first for fund financial...

Geometry
1.2K views

Question 9 1 point Given SV X Prove ASTX AVUT What is the reason for...

Basic Math
1.2K views

1 point Consider the digraph of a relation R shown below a How many ordered...

Accounting
1.2K views

Frank, the manager at Danika's Danishes, was exeited to determine the company's profit this year....

Accounting
1.2K views

Which of the following items is subject to withholding. A. Bank deposits interest that is...

Accounting
1.2K views

Rusty and the Radios 44 unread replies.44 replies. Accountant Rusty Carr is reviewing the Quality...

Accounting
1.2K views

Explain what are the differences if accrual or cash accounting is used to account for...

Accounting
1.2K views

Jimmy and Dee Dee, both age 35, are married and filed a joint Federal income...