subject
Business, 15.07.2019 16:10 fruitasticgabs9803

In 2018, the marion company purchased land containing a mineral mine for $1,650,000. additional costs of $633,000 were incurred to develop the mine. geologists estimated that 410,000 tons of ore would be extracted. after the ore is removed, the land will have a resale value of $110,000. to aid in the extraction, marion built various structures and small storage buildings on the site at a cost of $155,800. these structures have a useful life of 10 years. the structures cannot be moved after the ore has been removed and will be left at the site. in addition, new equipment costing $87,000 was purchased and installed at the site. marion does not plan to move the equipment to another site, but estimates that it can be sold at auction for $5,000 after the mining project is completed. in 2018, 51,000 tons of ore were extracted and sold. in 2019, the estimate of total tons of ore in the mine was revised from 410,000 to 497,500. during 2019, 81,000 tons were extracted, of which 61,000 tons were sold. required: 1. compute depletion and depreciation of the mine and the mining facilities and equipment for 2018 and 2019. marion uses the units-of-production method to determine depreciation on mining facilities and equipment. 2. compute the book value of the mineral mine, structures, and equipment as of december 31, 2019.

ansver
Answers: 3

Another question on Business

question
Business, 22.06.2019 04:00
Match the type of agreements to their descriptions. will trust living will prenuptial agreement
Answers: 2
question
Business, 22.06.2019 07:00
Need true or false 1 2 3 4 5 6 7 8
Answers: 1
question
Business, 22.06.2019 12:50
Salaries are $4,500 per week for five working days and are paid weekly at the end of the day fridays. the end of the month falls on a thursday. the accountant for dayton company made the appropriate accrual adjustment and posted it to the ledger. the balance of salaries payable, as shown on the adjusted trial balance, will be a (assume that there was no beginning balance in the salaries payable account.)
Answers: 1
question
Business, 22.06.2019 19:40
When a company produces and sells x thousand units per week, its total weekly profit is p thousand dollars, where upper p equals startfraction 800 x over 100 plus x squared endfraction . the production level at t weeks from the present is x equals 4 plus 2 t. find the marginal profit, startfraction dp over dx endfraction and the time rate of change of profit, startfraction dp over dt endfraction . how fast (with respect of time) are profits changing when tequals8?
Answers: 1
You know the right answer?
In 2018, the marion company purchased land containing a mineral mine for $1,650,000. additional cost...
Questions
question
Biology, 19.01.2020 12:31
question
History, 19.01.2020 12:31
Questions on the website: 13722367