On January 1, 2020, Joe Baseball purchased the franchise rights to open a Baseball World...
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On January 1, 2020, Joe Baseball purchased the franchise rights to open a Baseball World hitting complex for $300,000. The franchise has an economic life of 100 years and a legal life of 25 years. There is no residual value for the franchise. Which of the following would be included in the amortization journal entry on December 31, 2020? A. Cr. Amortization Expense $12.000 8.Cr. Franchise $12.000 No entry required because a franchise has an infinite life D. Cr. Accumulated Amortization $12,000 Base Selection Mark for Review What's This? Part 15 of 24.015 Question 15 of 24 4 Points Marucco purchased and with iron ore deposits on January 1, 2020 for $100,000. The land is estimated to have 400.000 tons of iron ore in it and a $15.000 residual value. To get to the iron ore Maruca Cospends 5215,000 preparing the land for extraction. During 2020, Marucel extracts 150,000 tons of iron ore. The journal entry to record the extraction in 2020 will include which of the following DA Cr Inventory $112.500 B. Revenue $112.500 C.Cr. Depletion Expense 112.500 0.0 Accumulated Depletion $112.500 80 FU MON 29 00
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