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    In 2010 Sunbeam Corporation Acquired A Silver Mine in Eastern

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    Muhammad Shahid
    In 2010, Sunbeam Corporation acquired a silver mine in eastern Alaska for $50,000. From 2010-2015, they made improvements to access and operations at the mine, constructing roads, buildings, and processing facilities. By 2014, estimated silver reserves increased from 4 million to 7 million tons. In 2015, 2.5 million tons were mined with $1.1 million spent on further improvements.

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    In 2010 Sunbeam Corporation Acquired A Silver Mine in Eastern

    Uploaded by

    Muhammad Shahid
    33 views1 page
    In 2010, Sunbeam Corporation acquired a silver mine in eastern Alaska for $50,000. From 2010-2015, they made improvements to access and operations at the mine, constructing roads, buildings, and processing facilities. By 2014, estimated silver reserves increased from 4 million to 7 million tons. In 2015, 2.5 million tons were mined with $1.1 million spent on further improvements.

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    In 2010 Sunbeam Corporation Acquired a Silver Mine in Eastern

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    In 2010, Sunbeam Corporation acquired a silver mine in eastern Alaska for $50,000. From 2010-2015, they made improvements to access and operations at the mine, constructing roads, buildings, and processing facilities. By 2014, estimated silver reserves increased from 4 million to 7 million tons. In 2015, 2.5 million tons were mined with $1.1 million spent on further improvements.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    33 views1 page

    In 2010 Sunbeam Corporation Acquired A Silver Mine in Eastern

    Uploaded by

    Muhammad Shahid
    In 2010, Sunbeam Corporation acquired a silver mine in eastern Alaska for $50,000. From 2010-2015, they made improvements to access and operations at the mine, constructing roads, buildings, and processing facilities. By 2014, estimated silver reserves increased from 4 million to 7 million tons. In 2015, 2.5 million tons were mined with $1.1 million spent on further improvements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    In 2010 Sunbeam Corporation acquired a silver mine in

    eastern #6462
    In 2010, Sunbeam Corporation acquired a silver mine in eastern Alaska. Because the mine is
    located deep in the Alaskan bush, Sunbeam was able to acquire the mine for the low price of
    $50,000. In 2011, Sunbeam constructed a road to the silver mine costing $5,000,000.
    Improvements to the mine made in 2011 cost $750,000. Because of the improvements to the
    mine and to the surrounding land, it is estimated that the mine can be sold for $600,000 when
    mining activities are complete.During 2012, five buildings were constructed near the mine site to
    house the mine workers and their families. The total cost of the five buildings was $1,500,000.
    Estimated residual value is $250,000. In 2010, geologists estimated 4 million tons of silver ore
    could be removed from the mine for refining. During 2013, the first year of operations, only
    5,000 tons of silver ore were removed from the mine. However, in 2014, workers mined 1 million
    tons of silver. During that same year, geologists discovered that the mine contained 3 million
    tons of silver ore in addition to the original 4 million tons. Improvements of $275,000 were made
    to the mine early in 2014 to facilitate the removal of the additional silver. Early in 2014, an
    additional building was constructed at a cost of $225,000 to house the additional workers
    needed to excavate the added silver. This building is not expected to have any residual value.In
    2015, 2.5 million tons of silver were mined and costs of $1,100,000 were incurred at the
    beginning of the year for improvements to the mine.Instructions:1. Compute the depreciation
    and depletion charges for 2013, 2014, and 2015.2. Give the journal entries to record the
    depreciation and depletion charges for 2015.View Solution:
    In 2010 Sunbeam Corporation acquired a silver mine in eastern

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