Temple Inland Corporation has negotiated the rights to cut timber on privately held forest acreage...
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Accounting
Temple Inland Corporation has negotiated the rights to cut timber on privately held forest acreage for $700,000. An estimated 350 million board feet of lumber is harvestable.
a. Determine the depletion amount for the first 2 years if 15 million and 22 million board feet are to be removed.
b. After 2 years the total recoverable board feet was reestimated upward to be 450 million from the time the rights were purchased. Compute the new cost depletion factor for 3 years and later.
Please help me thanks
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