Question

TION ACCOUNTING
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3
(Depletion Method) A timber company acquired a timber tract for 10,500 and incu
costs as 500 in developing the tract. The tract is estimated to contain 5,000,000 bi
feet of timber, and is expected that the cut over land be sold for 1,000,
(i) Calculate depletion per thousand board feet.
(ii) Calculate depletion iſ in 2016, 90,000 board feet were cut,​

Answer 1

Answer:

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