Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 9.00

Forda Lumber Company

Forda Lumber Company owns a 7,000-acre tract of timber purchased in 2007 at a cost of $1,300 per acre. At the time of purchase, the land was estimated to have a value of $300 per acre without the timber. Forda Lumber Company has not logged this tract since it was purchased. In 2014, Forda had the timber cruised. The cruise (appraiser) estimated that each acre contained 8,000 board feet of timber. In 2014, Forda built 10 miles of roads at a cost of $7,840 per mile. After the roads were completed, Forda logged and sold 3,500 trees containing 850,000 board feet.
 
Determine the cost of timber sold related to depletion for 2014. (Round answer to 0 decimal places, e.g. 1525.)
Cost of timber sold   $
 
If Forda depreciates the logging roads on the basis of timber cut, determine the depreciation expense for 2014.(Round answer to 0 decimal places, e.g. 1525.)
Depreciation expense   $
 
If Forda plants five seedlings at a cost of $4 per seedling for each tree cut, how should Forda treat the reforestation?
Forda should capitalize expense the cost of $ and adjust the depletion the next time the timber is harvested.

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 08:08 PM My Price 9.00

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