Velma Corporation purchased a large forest for $17 million on January 1, 2018. The company...
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Accounting
Velma Corporation purchased a large forest for $17 million on January 1, 2018. The company estimates that 7 million board feet of lumber can be harvested. After 10 years, the company will sell the land and expects it to be worth $4 million. Required a) Prepare the journal entry to record the purchase of the forest. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Debit Credit Jan 1 Answer Forest Answer Answer Cash Answer Record the purchase of the forest b) Calculate the unit for each BF to be extracted. Round your answers to 2 decimal places. Unit Cost = $Answer per board foot
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You can see the logs in the Dashboard.