PLEASE HELP NOWWW Surland Company acquires a coal mine...

50.1K

Verified Solution

Question

Accounting

PLEASE HELP NOWWW
image
image
Surland Company acquires a coal mine at a cost of $1870000 Intangible development costs total 4000 After extraction has occurred, Sunland most restore the property festimated for at of the obligationis $17 ), after which it can be sold for $204000, Sunland estimates that 6000 tons of coal canto extracted. What is the amount of depletion perton $401 $312 5332 A machine cost $1176000, has annual depreciation of $196000, and has accumulated depreciation of $931000 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $269500, it is exchanged for a machine with a fair value of $1323000 and the proper amount of cash is paid. The exchange had commercial substance. The gain to be recorded on the exchange is 573500 $147000 $0 $49000

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