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LUCKY_DIMON [66]
3 years ago
5

Coronado Corporation acquires a coal mine at a cost of $448,000. Intangible development costs total $112,000. After extraction h

as occurred, Coronado must restore the property (estimated fair value of the obligation is $89,600), after which it can be sold for $179,200. Coronado estimates that 4,480 tons of coal can be extracted. If 784 tons are extracted the first year, prepare the journal entry to record depletion.
Business
1 answer:
SSSSS [86.1K]3 years ago
8 0

Answer:

Dr Depletion expense 66,640

Cr Accumulated depletion 66,640

Explanation:

Coronado Corporation

Journal entry

Dr Depletion expense 66,640

Cr Accumulated depletion 66,640

Total Cost = $448,000+$112,000 =

$ 560,000

Depletion per ton

= ($560,000-$179,200)/4,480

= 85 per ton

Depletion first year = 784*85 = 66,640

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special assessment

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3 years ago
The budget is one of the three values of earned value management and is also known as _____. a. actual cost b. indirect cost c.
enot [183]

Answer:

The correct answer is d. planned value

Explanation:

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3 years ago
What would be the best action for someone who is spending more than she is earning?
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4 0
2 years ago
Horizontal analysis evaluates a series of financial statement data over a period of time Group of answer choices that has been a
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Answer:

C) to determine the amount and/or percentage increase or decrease that has taken place.

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6 0
3 years ago
A 4-year project has an annual operating cash flow of $42,000. At the beginning of the project, $6,000 in net working capital wa
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Answer:

Total cash flow $54,613

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3 years ago
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