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NEW QUESTION: 1
In January 1996, Weber Co. purchased a mineral mine for $2,640,000 with removable ore estimated at
1,200,000 tons. After it has extracted all the ore, Weber will be required by law to restore the land to its original condition at an estimated cost of $180,000. Weber believes it will be able to sell the property afterwards for $300,000. During 1996, Weber incurred $360,000 of development costs preparing the mine for production and removed and sold 60,000 tons of ore. In its 1996 income statement, what amount should Weber report as depletion?
A. $150,000
B. $159,000
C. $135,000
D. $144,000
E. $132,000
Answer: D
Explanation:
Explanation/Reference:
Explanation:
The depletion base is the purchase price of the land ($2,640,000), minus the value of the land after restoration $120,000 ($300,000 -180,000), plus any costs necessary to prepare the property for the extraction of ore ($360,000). The depletion charge is $2.40 per ton ($2,640,000 -120,000 + 360,000) /
1,200,000 tons). Therefore, the firm should report $144,000 ($2.40 X 60,000 tons) as 1996 depletion expense.

NEW QUESTION: 2
Which of the following action permissions can you configure in the goal plan template?
There are 3 correct answers to this question.
Response:
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C. Lock goal
D. Share goal
E. Cascade push
Answer: B,D,E

NEW QUESTION: 3
While examining a RuntimeLog file, you come across an exception.
What is the correct statement for responding to the exception?
A. exceptions always indicate a problem in your automation
B. some exceptions are harmless and can be ignored
C. all exceptions should be reported to support and a hot fix should be created to correct them
D. automation exceptions indicate that your automation was written incorrectly
Answer: B