Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a company pays $851,200 cash to acquire an iron mi

A company pays $851,200 cash to acquire an iron mine on January 1. At that...

90.2K

Verified Solution

Question

Accounting

A company pays $851,200 cash to acquire an iron mine on January 1. At that same time, it incurs additional costs of $67,200 cash to access the mine, which is estimated to hold 112,000 tons of iron. The estimated value of the land after the iron is removed is $22,400. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1. Prepare the January 1 entry to record the cost of the iron mine.

2. Prepare the December 31 year-end adjusting entry if 23,600 tons of iron are mined but only 20,400 tons are sold this first year.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Summarize main factors that have influence on SN2 type reactions: reactivity of the nucleophile, nature of...

Chemistry
Q

In the given circuit calculate the potential difference across the 2 F capacitor in the...

Physics
Q

An airplane flies on a compass heading of90.0 degrees at 480 mph. The windaffecting the...

Basic Math
Q

A math class has 7 girls and 1 boy in the seventh grade and 2...

Basic Math
Q

Find the values of the variables that make the quadrilateral a parallelogram 10a 17 B...

Statistics
Q

Is the function shown on the graph below one to one 6 10 N

Algebra
Q

If a data value in a normal distribution has a negative z-score, which of the...

Algebra
Q

The Rollins Company has office employees and shipping employees. A summary of their earnings and...

Accounting
Q

Paula Boothe, president of the Bridgeport Corporation, has mandated a minimum 10% return on investment...

Accounting
Q

Accounting equation Determine the missing amount for each of the following: {:[" Assets ",=," Liabilities...

Accounting
Q

is considering either replacing one Interstate Manufacturing having the old machine overhauled. Information about the...

Finance
Q

M7-9 (Algo) Analyzing Sell-or-Process Further Decisions [LO 7-6] More Parts Liquidators specializes in buying excess...

Accounting