Sailcloth & More currently produces boat sails and is considering expanding its operations to include awnings for homes and travel trailers. The company owns land beside its current manufacturing facility that could be used for the expansion. The company bought this land 5 years ago at a cost of $495,000. At the time of purchase, the company paid $64,000 to level out the land so it would be suitable for future use. Today, the land is valued at $545,000. The company currently has some unused equipment on its books at a depreciated  value of $66,000 – this equipment could be sold for $48,000. Alternatively, this equipment could be used for producing awnings if $28,000 is spent for modifications. Other new equipment costing $610,000 will also be required for the expansion. What is the amount of the initial cash flow for this expansion project?

The following information relates to Question 2 and 3: On July 1, 2018, Gene Parmesan's Genes Company paid $16,500,000 cash and signed a $7,500,000 note payable (due in 3 months) to acquire in-process R&D from another company. They are planning to use the assets acquired for research and development in their GMB (Genetically Modified Broccoli) division. The assets can be used for other research and development projects as well. They plan to use the assets purchased for 10 years and believe they can sell them for $1,500,000 at the end of those 10 years. From July 1 through Dec. 31, 2018, Genes Co. spends $6,000,000 (palid in cash) on scientist salaries and broccoll plants to use in the purchased R&D project. Genes Co. also amortizes any capitalized assets on a straight-line basis. REQUIRED: Write the journal entry related to the acquisition that Genes Co. should record on July 1.2018.

In 2021, the Marion Company purchased land containing a mineral mine for $1,800,000. Additional costs of $920,000 were incurred to develop the mine. Geologists estimated that 400,000 tons of ore would be extracted. After the ore is removed, the land will have a resale value of $120,000. To aid in the extraction, Marion built various structures and small storage buildings on the site at a cost of $208,000. These structures have a useful life of 10 years. The structures cannot be moved after the ore has been removed and will be left at the site. In addition, new equipment costing $109,000 was purchased and installed at the site. Marion does not plan to move the equipment to another site, but estimates that it can be sold at auction for $5,000 after the mining project is completed. In 2021, 70,000 tons of ore were extracted and sold. In 2022, the estimate of total tons of ore in the mine was revised from 400,000 to 499,000. During 2022, 109,000 tons were extracted. Required: 1. Compute…

21) Neenah Foundries is improving the pipes in its cupola operations. The pipes will extend the useful life of its old system of piping. The old pipe system cost $1,500,000 and has accumulated depreciation of $1,450,000. It can be sold for scrap of $25,000. The cost of the new system is $1,200,000. What is the entry to record this transaction? 21) A) Plant Asset (new system). Accumulated Depreciation (old system) Loss on Disposal of Plant Asset_ Plant Asset (old system). Cash B) Plant Asset. Cash C) Accumulated Depreciation... Cash D) Plant Asset (new system).. Loss on Disposal of Plant Asset Cash 1,200,000 1,450,000 25,000 1,175,000 1,200,000 1,175,000 25,000 1,500,000 1,175,000 1,175,000 1,200,000 1,200,000

Tamarisk Mining Company purchased land on February 1, 2020, at a cost of $ 914,300. It estimated that a total of  53,400 tons of mineral was available for mining. After it has removed all the natural resources, the company will be required to restore the property to its previous state because of strict environmental protection laws. It estimates the fair value of this restoration obligation at $ 98,100. It believes it will be able to sell the property afterwards for $ 109,000. It incurred developmental costs of $ 218,000 before it was able to do any mining. In 2020, resources removed totaled  26,700 tons. The company sold  19,580 tons. Compute the following information for 2020. a)   Per unit mineral cost   $ (b)   Total material cost of December 31, 2020, inventory   $  (c)   Total material cost in cost of goods sold at December 31, 2020   $

The Crying Onion purchased a parcel of land six years ago for $299, 500 . At that time, the firm invested $64,000 grading the site so that it would be usable. Since the firm wasn't ready to use the site itself at that time, it decided to lease the land for $28,000 a year. The company is now considering building a hotel on the site as the rental lease is expiring. The current value of the land is $355,000. The firm has no loans or mortgages secured by the property. What value should be included in the initial cost of the hotel project for the use of this land? Group of answer choices $299,500 $355,000 $363,500 $419, 000

In 2024, the Marion Company purchased land containing a mineral mine for $1,700,000. Additional costs of $667,000 were incurred to develop the mine. Geologists estimated that 420,000 tons of ore would be extracted. After the ore is removed, the land will have a resale value of $120,000. To aid in the extraction, Marion built various structures and small storage buildings on the site at a cost of $161,700. These structures have a useful life of 10 years. The structures cannot be moved after the ore has been removed and will be left at the site. In addition, new equipment costing $91,200 was purchased and installed at the site. Marion does not plan to move the equipment to another site, but estimates that it can be sold at auction for $3,000 after the mining project is completed. In 2024, 52,000 tons of ore were extracted and sold. In 2025, the estimate of total tons of ore in the mine was revised from 420,000 to 507,500. During 2025, 82,000 tons were extracted, of which 62,000 tons were…