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ololo11 [35]
3 years ago
5

On July 23 of the current year, Dakota Mining Co. pays $6,492,240 for land estimated to contain 9,144,000 tons of recoverable or

e. It installs and pays for machinery costing $1,280,160 on July 25. The company removes and sells 468,250 tons of ore during its first five months of operations ending on December 31. Depreciation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined.
Prepare entries to record the following:(a)To record the purchase of the land.(b)To record the cost and installation of machinery.
Business
1 answer:
Neko [114]3 years ago
8 0

Answer:

a. Debit Land accounts  $6,492,240

   Credit Cash account   $6,492,240

Being entries to record the purchase of land

and for the payment and installation of machinery,

b. Debit Machinery account (fixed asset)  $1,280,160

Credit Cash accounts    $1,280,160

Being entries to record the purchase and installation of machinery

Explanation:

When an asset is purchased with cash, the entries required are debit asset and credit cash. Such asset includes land, equipment, building, mines, inventory etc.

As such to record the purchase of a land,

Debit Land accounts

Credit Cash account

and for the payment and installation of machinery,

Debit Machinery account (fixed asset)

Credit Cash accounts

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Answer:

A. NPV for A= $61,658.06

NPV  for B = $25,006.15

B.  1.36

1.17

Project A

Explanation:

Net present value is the present value of after tax cash flows from an investment less the amount invested.

NPV can be calcuated using a financial calculator

for project A :

Cash flow in

Year 0 = $(172,325)

Year 1 41,000

Year 2 47,000

Year 3 85,295

Year 4 86,400

Year 5 56,000

I = 10%

NPV = $61,658.06

for project B

year 0 = $ (145,960)

Cash flow in

Year 1  27,000

Year 2  52,000

Year 3 50,000  

Year 4 71,000

Year 5  28,000

I = 10%

NPV = $25,006.15

profitability index = 1 + NPV / Initial investment

for project A, PI = $61,658.06 / 172,325 = 1.36

For project B, PI = $25,006.15 / 145,960 = 1.17

The project with the greater NPV and PI should be chosen. this is project A.

To find the NPV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.  

3. Press compute  

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