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- Ex 17.6 The Gloaming company incurred the following costs during a period in relation to a specific area of interest and wants to capitalise its E & E costs on an area of interest method.The following costs were incurred:Cash paid to acquire seismic study from government(GST exempt) 3,000Cash paid to acquire exploration rights(GST exempt) 10,000Cash paid to acquire fencing materials for an area-of-interest, including GST of $80 880Contractor fees for labour to set up the fencing, including GST of $50550Contractor fees for exploratory drilling, including GST $2,50027,500Hire of drilling equipment for contractor use, including GST of $5005,500Salary of project manager 60,000Stationery and other office supplies, including GST $30 330Gloaming company non executive directors fees paid 160,000Required:Which of the above costs can be capitalised as E& E assets?Exercise 9.11 (Algo) Depletion of Natural Resources (LO9-7) Salter Mining Company purchased the Northern Tier Mine for $88 million cash. The mine was estimated to contain 1.45 million tons of ore and to have a residual value of $1.4 million. During the first year of mining operations at the Northern Tier Mine, 95,000 tons of ore were mined, of which 18,000 tons were sold. a. Prepare a journal entry to record depletion during the year. b. Show how the Northern Tier Mine, and its accumulated depletion, would appear in Salter Mining Company's balance sheet after the first year of operations.Print Item 24 Schefter Mining operates a copper mine in Wyoming. Acquisition, exploration, and development costs totaled $7.3 million. Extraction activities began on July 1, 2021. After the copper is extracted in approximately six years, Schefter is obligated to restore the land to its original condition, including constructing a park. The company’s controller has provided the following three cash flow possibilities for the restoration costs: Cash Flow Probability 1. $ 610,000 25 % 2. 710,000 25 % 3. 810,000 50 % The company’s credit-adjusted, risk-free rate of interest is 6%, and its fiscal year ends on December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round other intermediate calculations to the nearest whole dollar. Enter your answers in whole dollars.) Required:1. What is the initial cost of the copper mine?2. How much accretion expense will…
- Q.4 Millar, Inc., purchased a truck to use for deliveries and is attempting to determine how much depreciation expense would be recognized under three different methods. The truck cost $20,000 and is expected to have a value of $4,000 at the end of its five-year life. The truck is expected to be used at the rate of 10,000 miles in the first year, 20,000 miles in the second and third years, and 15,000 miles in the fourth and fifth years. Instructions Determine the amount of depreciation expense that will be recognized under each of the following depreciation methods in the first and second years of the truck’s useful life. A full year’s depreciation will be recognized in the first year the truck is used. Straight-line. Double-declining-balance.QS 10-13 (Algo) Natural resources and depletion LO P3 Perez Company acquires an ore mine at a cost of $3,500,000. It incurs additional costs of $980,000 to access the mine, which is estimated to hold 2,500,000 tons of ore. 255,000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $500,000. Calculate the depletion expense from the information given. 1. & 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry.Title 12.1 Metal Stampings, Inc., can purchase a new forging machine for $400,000. After 20 years of use,... Description 12.1 Metal Stampings, Inc., can purchase a new forging machine for $400,000. After 20 years of use, the forge should have a salvage value of $25,000. (a) Under MACRS, what depreciation is claimed in year 3? Under the straight-line (pre-1981) method, what depreciation is claimed in year 3? (Answer: a. $69,960; . $18,750)
- Q.6 Millar, Inc., purchased a truck to use for deliveries and is attempting to determine how much depreciation expense would be recognized under three different methods. The truck cost $20,000 and is expected to have a value of $4,000 at the end of its five-year life. The truck is expected to be used at the rate of 10,000 miles in the first year, 20,000 miles in the second and third years, and 15,000 miles in the fourth and fifth years. Instructions Determine the amount of depreciation expense that will be recognized under each of the following depreciation methods in the first and second years of the truck’s useful life. A full year’s depreciation will be recognized in the first year the truck is used. Straight-line. Double-declining-balance. Q.7 R&R, Inc., purchased a new machine on September 1, 2009, at a cost of $180,000. The machine’s estimated useful life at the time of the purchase was five years, and its residual value was $10,000. Instructions Prepare a complete…17. The entity incurred the following in exploring a natural resources on January 1,2021Acquisition cost of the land P10,000,000Development cost 5,000,000Exploration cost 6,000,000Purchase of equipment 3,000,000The entity expects to mine a total of 5,000,000 tons of natural gas, it is also estimated that 1,000,000 of natural gas will be extracted every year. The useful life of the equipment is 6 years, the equipment is used over a several project not just in that specific natural resources. On 2021 the entity extracted 1,500,000 tons of natural gas. How much is the depletion for the year 2021?CHPT#9_5 Depreciation Methods On January 2, 2018, Skyler, Inc. purchased a laser cutting machine to be used in the fabrication of a part for one of its key products. The machine cost $120,000, and its estimated useful life was four years or 920,000 cuttings, after which it could be sold for $5,000. Required a. Calculate each year’s depreciation expense for the machine's useful life under each of the following depreciation methods (round all answers to the nearest dollar):1. Straight-line.2. Double-declining balance.3. Units-of-production. (Assume annual production in cuttings of 200,000; 350,000; 260,000; and 110,000.)
