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problem: Stanislaw Timber firm owns 9,000 acres of timberland acquire in 1996 at a cost of $1,400 every acre. At the time of buy land without the timber was valued at $400 per acre. In 1997, Stanislaw built fire lanes and roads, with a life of thirty (30) years, at a cost of $84,000. Each year Stanislaw sprays to prevent disease at a cost of $3,000 / year and spends $7000 to maintain fire lanes and roads. During 1998, Stanislaw selectively logged and sold 700,000 board feet of timber, of the estimated 3,500,000 board feet. In 1999, Stanislaw planted new seedlings to replace trees cut at a cost of $100,000.

Instructions:

[A] find out the depreciation expense & the cost of timber sold related to depletion for 1998

[B] Stanislaw has not logged since 1998. If Stanislaw logged and sold 900,000 board feet of timber in 2009, when the timber cruise [appraiser] determined 5,000,000 board feet, find out the cost of timber sold related to depletion for 2009.

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  • Category:- Accounting Basics
  • Reference No.:- M921583

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