Copper Explorations recently acquired the rights to mine a new site. Equipment and a truck were purchased to begin mining operations at the site. Details of the mining assets follow: Asset Mineral rights Equipment Truck Date of Purchase Mar. 1/23 Mar. 1/23 Mar. 1/23 Cost $ 72,000 259,800 110,400 Show Transcribed Text Est. Residual $0 0 Est. Life 4 yrs 4 yrs 4 yrs Copper's year-end is December 31 and it uses the straight-line method for all mining assets including intangibles. Required: 1. record amortization and depreciation at Dec 31, 2023 on tge mininh assers including the mineral rights. 2. assume the mine was closed on oct 31,2026 and the assets were scrapped. record rge disposal of the assets.

Copper Explorations recently acquired the rights to mine a new site. Equipment and a truck were purchased to begin mining operations at the site. Details of the mining assets follow: Asset Mineral rights Equipment Truck Date of Purchase Mar. 1/23 Mar. 1/23 Mar. 1/23 Cost $ 72,000 259,800 110,400 Show Transcribed Text Est. Residual $0 0 Est. Life 4 yrs 4 yrs 4 yrs Copper's year-end is December 31 and it uses the straight-line method for all mining assets including intangibles. Required: 1. record amortization and depreciation at Dec 31, 2023 on tge mininh assers including the mineral rights. 2. assume the mine was closed on oct 31,2026 and the assets were scrapped. record rge disposal of the assets.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 11EB: The following intangible assets were purchased by Hanna Unlimited: A. A patent with a remaining...

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Copper Explorations recently acquired the rights to mine a new site. Equipment and a truck were purchased to begin mining operations at the site. Details of the mining assets follow: Asset Mineral rights Equipment Truck View transaction list Journal entry worksheet 1 Copper's year-end is December 31 and it uses the straight-line method for all mining assets including Intangibles. Required: 1. Record amortization and depreciation at December 31, 2023, on the mining assets, including the mineral rights. Date of Purchase Mar. 1/23 Mar. 1/23 Mar. 1/23 Record the amortization on the mineral rights. Note: Enter debits before credits. Date Dec 31, 2023 Record entry View transaction list Cost $ 62,480 244,800 95,400 General Journal Amortization expense, mineral rights Accumulated amortization, mineral rights Date Oct 31, 2026 Clear entry Journal entry worksheet 1 23 Record the disposal of the equipment. Note: Enter debits before credits. Est. Residual $0 0 દા Est. Life 4 yrs 4 yrs 4 yrs…
Hidden Hollow Mining Co. acquired mineral rights for S69,000,000. The mineral deposit is estimated at 60,000,000 tons. During the current year, 13,200,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places. Sfill in the blank d39a0a00ffc1f93_1 per ton b. Determine the amount of depletion expense for the current year. Sfill in the blank d39a0a00ffc1f93_2
Backwoods Mining Co. acquired mineral rights for $17,094,000. The mineral deposit is estimated at 122,100,000 tons. During the current year, 18,300,000 tons were mined and sold. Question Content Area a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places.$fill in the blank 512120f9bfd801e_1 Question Content Area b. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. blank Depletion Expense Depletion Expense Accumulated Depletion Accumulated Depletion Feedback Area Feedback Similar to the journal entry to record depreciation, the journal entry to record depletion affects a contra asset account
Solare Company acquired mineral rights for $285,300,000. The diamond deposit is estimated at 31,700,000 tons. During the current year, 4,700,000 tons were mined and sold. Question Content Area a. Determine the depletion rate. $fill in the blank b14fe7fa701ffba_1 per ton b. Determine the amount of depletion expense for the current year. $fill in the blank b14fe7fa701ffba_2 Question Content Area c. Journalize the adjusting entry to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31 - Select - - Select - - Select -
80% ... https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker3D&ta geNOWv2 | Assi. QuickBooks Login eBook Amortization and depletion entries Instructions Chart of Accounts First questions Journal Instructions 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 $1,600,000 on February 22. The stand of timber is estimated at 5,000,000 board feet. During the current year, 1,100,000 board feet of timber were cut and sold. b. On December 31, the company determined that $3,750,000 of goodwill was impaired. C. Governmental and legal costs of $6,600,000 were incurred on April3 in obtaining a patent with an estimated economic life of 12 years Amortization is to be for three-fourths of a year Required: 1. Determine the amount of the amortization, depietion, or impairment for the current year for each of the foregoing items 2. Journalize the…
When depreciation is recorded each period, what account is debited? a. Depreciation Expense b. Cash c. Accumulated Depreciation d. The fixed asset account involved Use the following information for Multiple-Choice Questions 7-4 through 7-6: Cox Inc. acquired a machine for on January 1, 2019. The machine has a salvage value of $20,000 and a 5-year useful life. Cox expects the machine to run for 15,000 machine hours. The machine was actually used for 4,200 hours in 2019 and 3,450 hours in 2020.
The following intangible assets were purchased by Hanna Unlimited: A. A patent with a remaining legal life of twelve years is bought, and Hanna expects to be able to use it for six years. It is purchased at a cost of $48,000. B. A copyright with a remaining life of thirty years is purchased, and Hanna expects to be able to use it for ten years. It is purchased for $70,000. Determine the annual amortization amount for each intangible asset.
Solare Company acquired mineral rights for $287,200,000. The diamond deposit is estimated at 35,900,000 tons. During the current year, 3,660,000 tons were mined and sold. a. Determine the depletion rate.$fill in the blank 5df5b004305d067_1 per ton b. Determine the amount of depletion expense for the current year.$fill in the blank 5df5b004305d067_2 c. Journalize the adjusting entry to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31 fill in the blank 0ae001fa5fd7fc8_2 fill in the blank 0ae001fa5fd7fc8_3 fill in the blank 0ae001fa5fd7fc8_5 fill in the blank 0ae001fa5fd7fc8_6
Hidden Hollow Mining Co. acquired mineral rights for $42,500,000. The mineral deposit is estimated at 50,000,000 tons. During the current year, 11,500,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places.$fill in the blank 91e68b00e031f88_1 per ton b. Determine the amount of depletion expense for the current year.$fill in the blank 91e68b00e031f88_2 c. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31 fill in the blank 346c5df8f020fe0_2 fill in the blank 346c5df8f020fe0_3 fill in the blank 346c5df8f020fe0_5 fill in the blank 346c5df8f020fe0_6
Hidden Hollow Mining Co. acquired mineral rights for S69,000,000. The mineral deposit is estimated at 60,000,000 tons. During the current year, 13,200,000 tons were mined and sold. a. Determine the depletion rate. If required, round your answer to two decimal places. Sfill in the blank d39a0a00ffc1f93_1 per ton
Lumax LLC purchased property, plant and equipment. The details of the PPE are given below. The appropriate amount of depreciation applicable for the current accounting period shall be: Classification of PPE OMR – cost Useful life Salvage value at the end of life Machinery 1,200,000 25 year 220,000 Land and Building – the part of land value included in the total amount is estimated to be OMR 800,000. 3,500,000 40 years 400,000 Generator engines – life if based on hours operated and during the year the company operated generators for 30,000 hours. 400,000 600,000 hours 25,000 Furniture and fittings 500,000 10 years 100,000
Intra-Spect Mining Co. acquired mineral rights for $52,000,000. The mineral deposit is estimated at 40,000,000 tons. During the current year, 9,200,000 tons were mined and sold. Question Content Areaa. Determine the depletion rate. If required, round your answer to two decimal places.$fill in the blank 6865550bc008074_1 per ton b. Determine the amount of depletion expense for the current year.$fill in the blank 6865550bc008074_2Question Content Areac. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31 - Select -- Select - - Select -- Select - eBook Show Me How Question Content Area Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $115,200. In addition, on December 31, it was estimated that goodwill of $51,500 was impaired. Question Content Area a. Record the acquisition of patent. If…