On January 1, 2019, PT ABC purchased a coal mine for $1,500,000. The company’s geological surveys show the coal reserve in the mine of 12,500,000 tons. In first quarter (January to March 2020) the company mined and sold 250,000 tons of coal. Instruction: Journalize the depletion cost for the first quarter of 2020.

Revision of Depreciation On January 1, 2021, Blizzards-R-Us purchased a snow-blowing machine for $85,000. The machine was expected to have a residual value of $5,000 at the end of its 5-year useful life. On January 1, 2023, Blizzards-R-Us concluded that the machine would have a remaining useful life of 6 years with a residual value of $770. Required: Determine the revised annual depreciation expense for 2023 using the straight-line method.

Depreciation for Partial Periods Storm Delivery Company purchased a new delivery truck for $45,000 on April 1, 2019. The truck is expected to have a service life of 10 years or 90,000 miles and a residual value of $3,000. The truck was driven 8,000 miles in 2019 and 14,000 miles in 2020. Storm computes depreciation expense to the nearest whole month. Required: Compute depreciation expense for 2019 and 2020 using the following methods: (Round your answers to the nearest dollar.) Straight-line method 2019 $ fill in the blank 1 2020 $ fill in the blank 2 Sum-of-the-years'-digits method 2019 $ fill in the blank 3 2020 $ fill in the blank 4 Double-declining-balance method 2019 $ fill in the blank 5 2020 $ fill in the blank 6 Activity method 2019 $ fill in the blank 7 2020 $ fill in the blank 8 For each method, what is the book value of the machine at the end of 2019? At the end of 2020? (Round your answers to the nearest dollar.) Straight-line method…

Depletion On January 2, 2019, Whistler Company purchased land for $530,000, from which it is estimated that 360,000 tons of ore could be extracted. It estimates that the present value of the cost necessary to restore the land is $68,000, after which it could be sold for $31,000. During 2019, Whistler mined 73,000 tons and sold 62,000 tons. During 2020, Whistler mined 93,000 tons and sold 89,000 tons. At the beginning of 2021, Whistler spent an additional $110,000, which increased the reserves by 60,000 tons. In 2021, Whistler mined 132,000 tons and sold 137,000 tons. Whistler uses a FIFO cost flow assumption. Required: If required, round the depletion rate to the nearest cent and round the final answers to the nearest dollar. 1. Calculate the depletion included in the income statement and ending inventory for 2019, 2020, and 2021. 2019 Depletion deducted from income $ Depletion included in inventory $4 2020 Depletion deducted from income $ Depletion included in inventory $4 2021…

Question 4: On January 1, 2020, Penaji Corporation acquired equipment costing $ 65,000. It was estimated at that time this equipment would have a useful life of eight years and a residual value of $ 3,000. The straight line method of depreciation is used by the company for the equipment, and its year end is December 31. St the beginning of 2022 (the beginning of the third year of the equipment's life), the company's engineers reconsidered their expectations. They estimated that the equipment's useful life would more likely be six years in total, instead of the previously estimated eight years. Required: 1. Calculate the equipment's accumulated depreciation and carrying amount at the beginning of 2022 immediately before the change in useful life. 2. Calculate the depreciation expense per year after the change in useful life.

Assets = A Liabilities = L Stockholders' Equity = SE On March 1st2018,Bulldozer Inc purchases a forklift for $65,000. The expected salvage value is $10,000 and the forklift is expected to have a useful life of 10 years. Calculate the first years depreciation expense as of 12/31/2018, utilizing the straight line method, and book the JE of the depreciation below. write a journal entry.

Paragraph Styles A medical facility purchased a new copy machine for the billing office at a price of $25,000,000.00 on January 1, 2021. Its useful life is 6 years with a salvage value of $2,500,000.00. Calculate deprecation for the first 4 years using the following methods: (you may round all figures to the nearest dollar) Straight Line DDB SYD

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Exercise 11-3 Blue Spruce Corporation purchased a new plant asset on April 1, 2020, at a cost of $984,000. It was estimated to have a useful life of 20 years and a residual value of $384,000, a physical life of 30 years, and a salvage value of $0. Blue Spruce's accounting period is the calendar year. Blue Spruce prepares financial statements in accordance with IFRS. Your answer is partially correct. Try again. Calculate the depreciation for this asset for 2020 and 2021 using the straight-line method. (Round answers to 0 decimal places, e.g. 5,275.) Depreciation 2020 2021 30000 LINK TO TEXT X Your answer is incorrect. Try again. Calculate the depreciation for this asset for 2020 and 2021 using the double-declining-balance method. (Round answers to 0 decimal places, e.g. 5,275.) Depreciation 2020 2021 LINK TO TEXT Your answer is partially correct. Try again. Calculate the depreciation for this asset for 2020 and 2021 using the straight-line method and assuming Blue Spruce prepares…

Depletion On January 2, 2019, Whistler Company purchased land for $430,000, from which it is estimated that 350,000 tons of ore could be extracted. It estimates that the present value of the cost necessary to restore the land is $74,000, after which it could be sold for $28,000. During 2019, Whistler mined 79,000 tons and sold 63,000 tons. During 2020, Whistler mined 97,000 tons and sold 95,000 tons. At the beginning of 2021, Whistler spent an additional $90,000, which increased the reserves by 53,000 tons. In 2021, Whistler mined 144,000 tons and sold 134,000 tons. Whistler uses a FIFO cost flow assumption. Required: If required, round the depletion rate to the nearest cent and round the final answers to the nearest dollar. 1. Calculate the depletion included in the income statement and ending inventory for 2019, 2020, and 2021. 2019 Depletion deducted from income Depletion included in inventory $ 2020 Depletion deducted from income Depletion included in inventory $ 2021 Depletion…