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NeTakaya
3 years ago
5

Everly Corporation acquires a coal mine at a cost of $400,000. Intangible development costs total $100,000. After extraction has

occurred, Everly must restore the property (estimated fair value of the obligation is $80,000), after which it can be sold for $160,000. Everly estimates that 4,000 tons of coal can be extracted.
Business
1 answer:
Anni [7]3 years ago
5 0

Answer:

Explanation:

The journal entry is shown below:

Inventory A/c Dr $73,500

       To Accumulated depletion A/c $73,500

(Being the depletion is recorded)

The computation is shown below

First we have to compute the depletion per ton which is shown below:

= (Acquired cost of coal mine +  Intangible development costs + fair value of the obligation - Sale value) ÷ (Number of estimated tons of coal extracted)

= ($400,000 + $100,000 + $80,000 - $160,000) ÷ (4,000 tons)

= $105

Now if 700 are extracted in first year, so the depletion would be

= 700 × $105

= $73,500

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A(n) _________ is a yearly published statement of the financial condition, progress and expectations of an organization.
Anika [276]

Answer: Annual Report

Explanation:

Completing the question with right answer:

An annual report is a yearly published statement of the financial condition, progress and expectations of an organization.

The financial report is normally targeted at the stakeholders and other individuals who have interest in the organization.

4 0
3 years ago
Marlin Corporation reported pretax book income of $1,000,000. During the current year, the net reserve for warranties increased
jeyben [28]

Answer:

b. $233,100 tax expense

Explanation:

The computation of the current income tax expense or benefit is shown below:

But before that first we have to need to find out the taxable income i.e

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= $1,000,000 + $25,000 + $100,000 - $15,000

= $1,110,000

Now to find out the current income tax expense since the tax rate is not given so we assume the marginal tax rate i.e 21%

So,

= $1,110,000 ×21%

= $233,100

By multiplying the taxable income with the tax rate we can get the income tax expense

7 0
3 years ago
Retepson, Inc. has been in business for over 50 years. Retepson is best known for its Guide to Colleges line of books designed f
Elina [12.6K]

Answer:

a) Anyone with Internet access can find any of the information included in the Guide to Colleges series.

Explanation:

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if anyone with internet can easily access information, then such an innovative ideas should be emphasized

3 0
3 years ago
Explain the differences between a partnership and a corporation
Radda [10]
A corporation is an independent legal entity owned by shareholders, in which the shareholders decide on how the company is run and who manages it. A partnership is a business in which two or more individuals share ownership.
8 0
3 years ago
Please help me!
AleksAgata [21]
It’s asking whatever the market would pay.
6 0
3 years ago
Read 2 more answers
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