Business, 10.12.2021 20:10 jadenp23

On July 4 of the current year, Lawrence invests $234,000 in a mineral property. He estimates that he will recover 840,000 units of the mineral from the deposit. During the current year, Lawrence recovers and sells 100,800 units of the mineral for $3.60 per unit. a. Lawrence's cost depletion deduction for the current year is $ . Lawrence's basis in the mineral property after deducting depletion is $ .
b. The percentage depletion rate is 10%. Lawrence's cost depletion deduction for the current year would be $ . Lawrence's basis in the property after deducting percentage depletion is $ .
c. Using the calculations from parts a and b and knowing that Lawrence's income from the mineral before the depletion deduction is $10,890, respond to the following. Lawrence's percentage depletion deduction for the current year would be $ . To maximize his depletion deduction, he should deduct depletion based on the cost method.

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 16:10

Visburg concrete company pours concrete slabs for single-family dwellings. lancing construction company, which operates outside visburg's normal sales territory, asks visburg to pour 40 slabs for lancing's new development of homes. visburg has the capacity to build 300 slabs and is presently working on 250 of them. lancing is willing to pay only $3, 300 per slab. visburg estimates the cost of a typical job to include unit-level materials, $1, 440: unit-level labor, $720: and an allocated portion of facility-level overhead, $1, 200. required calculate the contribution to profit from the special order. should visburg accept or reject the special order to pour 40 slabs for $3, 300 each?

Answers: 2

Answer

Business, 21.06.2019 22:50

He taylor company sells music systems. each music system costs the company $100 and will be sold to the public for $250. in year one, the company sells 100 gift cards to customers for $250 each ($25,000 in total). these cards are valid for just one year, and company officials expect them to all be redeemed. in year two, only 96 of the cards are returned. what amount of net income does the company report for year two in connection with these cards? a. $15,000b. $15,400c. $15,500d. $15,800

Answers: 1

Answer

Business, 22.06.2019 18:00

Interpreting the income tax expense footnote the income tax footnote to the financial statements of fedex corporation follows. the components of the provision for income taxes for the years ended may 31 were as follows: ($ millions) 2010 2009 2008 current provision domestic federal $ 36 $ (35) $ 514 state and local 54 18 74 foreign 207 214 242 297 197 830 deferred provisions (benefit) domestic federal 408 327 31 state and local 15 48 (2) foreign (10) 7 32 413 382 61 provision for income taxes $ 710 $ 579 $ 891 (a)what is the amount of income tax expense reported in fedex's 2010, 2009, and 2008 income statements?

Answers: 2

Answer

Business, 22.06.2019 19:00

All of the following led to the collapse of the soviet economy except a. a lack of worker incentives. c. inadequate supply of consumer goods. b. a reliance on production quotas. d. the introduction of a market economy.

Answers: 1

Answer

You know the right answer?

On July 4 of the current year, Lawrence invests $234,000 in a mineral property. He estimates that he...

Questions