Turpen Corporation purchased a large forest for $13,000,000 on January 1, 2023. Turpen Corporation estimates that 4,000,000 board feet (BF) of Sumber can be harvested, After 10 years, TurpenCorporation will sell the land and expects it to be worth $3,000,000Requiredal Prepare the journal entry to record the purchase of the forestDo not enter dollar.sions.or.commes in the input boxesDate: Account Title and ExplanationDebitRecord the purchase of the forestb) Calculate the depletion rate for each board foot to be extractedRound your answers to 2 decimal places.Unit CostDer board foot=Dec 31c) During the current year, the company harvested and sold 500,000 board feet. Prepare the journal entry to record the harvesting on December 31, 2023Bound your answers to the nearest whole number.DateAccount Title and ExplanationRecord depletion for the year•CreditDebitCredit

Turpen Corporation purchased a large forest for $13,000,000 on January 1, 2023. Turpen Corporation estimates that 4,000,000 board feet (DF) of lumber can be Ran Corporation will sell the land and expects it to be worth $3,000,000 Required a) Prepare the journal entry to record the purchase of the forest Do not enter dollar.sions.or.commes in the input boxes Account Title and Explanation Date Debit Man 1 Record the purchase of the forest Calculate the depletion rate for each board foot to be extracted und your answers to 2 decimal places. Cost per board foot = oc 31 During the current year, the company harvested and sold 500,000 board feet. Prepare the journal entry to record the harvesting on December 31, 2023 und your answers to the nearest - ble number. Date Account Title and Explanation F • Credit Debit Credit

Turpen Corporation purchased a large forest for $13,000,000 on January 1, 2023. Turpen Corporation estimates that 4,000,000 board feet (DF) of lumber can be Ran Corporation will sell the land and expects it to be worth $3,000,000 Required a) Prepare the journal entry to record the purchase of the forest Do not enter dollar.sions.or.commes in the input boxes Account Title and Explanation Date Debit Man 1 Record the purchase of the forest Calculate the depletion rate for each board foot to be extracted und your answers to 2 decimal places. Cost per board foot = oc 31 During the current year, the company harvested and sold 500,000 board feet. Prepare the journal entry to record the harvesting on December 31, 2023 und your answers to the nearest - ble number. Date Account Title and Explanation F • Credit Debit Credit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 7PA: Tree Lovers Inc. purchased 100 acres of woodland in which the company intends to harvest the...

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