Solved >   117.A company had a tractor destroyed by:1236326 …


117.A company had a tractor destroyed by fire. The tractor originally cost $85,000 with accumulated depreciation of $60,000. The proceeds from the insurance company were $20,000. The company should recognize:  

A.A loss of $5,000.

B.A gain of $5,000.

C.A loss of $20,000.

D.A gain of $65,000.

E.A gain of $20,000.

118.Natural resources are:  

A.Consumable assets such standing timber, mineral deposits, and oil and gas fields.

B.Tangible assets used in the operations of the business.

C.Current assets because they are depleted.

D.Not subject to allocation to expense over their useful lives.

E.Depleted using a straight-line method.

119.Which of the following would be classified as a natural resource? 

A.Patent on an oil extraction process.

B.Land held as an investment.

C.Timber purchased by a lumber yard.

D.Diamond mine.


120.Depletion is: 

A.The process of allocating the cost of natural resources to the period when it is consumed.

B.Calculated using the double-declining balance method.

C.Also called amortization.

D.An increase in the value of a natural resource when incurred.

E.The process of allocating the cost of intangibles to periods when they are used.

121.A company purchased a tract of land for its natural resources at a cost of $1,500,000. It expects to mine 2,000,000 tons of ore from this land. The salvage value of the land is expected to be $250,000. The depletion expense per ton of ore is: 






122.A company purchased a tract of land for its natural resources at a cost of $1,500,000. It expects to mine 2,000,000 tons of ore from this land. The salvage value of the land is expected to be $250,000. If 150,000 tons of ore are mined during the first year, the journal entry to record the depletion is: 

A.Debit Depletion Expense $93,750; credit Natural Resources $93,750.

B.Debit Cash $112,500; credit Natural Resources $112,500.

C.Debit Depletion Expense $93,750; credit Accumulated Depletion $93,750.

D.Debit Cash $93,750; credit Accumulated Depletion $93,750.

E.Debit Depletion Expense $112,500; credit Accumulated Depletion $112,500.

123.A company purchased a tract of land for its natural resources at a cost of $1,000,000. It expects to harvest 5,000,000 board feet of timber from this land. The salvage value of the land is expected to be $200,000. The depletion expense per board foot of timber is: 






124.A company purchased a mineral deposit for $800,000. It expects this property to produce 120,000 tons of minerals and to have a salvage value of $50,000. In the current year, the company mined and sold 9,000 tons of minerals. Its depletion expense for the current period equals: 






125.Intangible assets do not include: 





E.Land held as an investment.

126.Amortization is: 

A.The systematic allocation of the cost of an intangible asset to expense over its estimated useful life.

B.The process of allocating to expense the cost of a plant asset to the accounting periods benefiting from its use.

C.The process of allocating the cost of natural resources to periods when they are consumed.

D.An accelerated form of expensing an asset’s cost.

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