In April 2013, Sparkle Enterprises purchased the Crimson Mine at a cost of $18,000,000. The mine is estimated to contain 500,000 tons of ore with a residual value of $2,000,000 after mining operations are completed. During 2013, 120,000 tons of ore were removed from the mine and sold. In this situation:
a. The book value of the mine is $16,000,000 at the end of 2013.
b. The amount of depletion deducted from revenue during 2013 is $3,840,000.
c. The amount of depletion deducted from revenue during 2013 is $2,000,000.
d. The mine is classified as an intangible asset with in indefinite life and is not amortized.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “In April 2013, Sparkle Enterprises purchased the Crimson Mine at a cost of $18,000,000. The mine is estimated to contain 500,000 tons of ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
The nation of Hasalot is home to roughly 95% of the world's Diamontite, a rare stone used in consumer products including watch faces, smartphones, computer monitors, and tablets.
Answers (1)
A large company produces paint and other home decorating products. Its goal is to choose the marketing channel arrangement that will give it the most control over supply sources. Which marketing channel system should this company choose?
Answers (1)
Pharoah Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $390,600. The estimated fair values of the assets are land $74,400, building $272,800, and equipment $99,200.
Answers (1)
Identify which writing characteristic of business messages is violated in the following description. I see that there appears to be an absolutely unfamiliar potential client requesting to converse with you in the upcoming afternoon interval.
Answers (1)
The average German worker worked about 400 fewer hours per year and earned nearly $14,000 less than did the average worker in the United States.
Answers (1)
New Questions in Business
Shares of RossCorp stock are selling for $45 per share. Brokerage commissions are 2% for purchases and 2% for sales. The interest rate on margin debt is 6.25% per year. The maintenance margin is 30
Answers (1)
For each of the goods, identify the characteristics that describe each good. Note that each good will be described with two characteristics. Rivalrous is also referred to as rival in consumption.
Answers (1)
What is production technology and how does it differ from a production function? A. It is a function showing the highest output that a firm can produce for every specified combination of inputs, while the production function shows the minimum output
Answers (1)
The lowest school dropout rate in the united states in 2008 occurred for:
Answers (1)
One reason buy a home instead of rent a home is
Answers (1)