Timber, Inc. purchased land for 500,000. It is expected to produce a total of 200,000 cords of wood over 5 years, after which it will be sold for 100,000. In 2011, 39,000 cords of wood were cut. In 2012, 41,000 cords of wood were cut.
1. What is depletion expense per cord of wood? __________________
2. How much depletion should be recorded in 2011? ___________________ ____
3. How much depletion should be recorded in 2012? ___________________ ____
Question 2
A check for 342 was erroneously charged by the bank as 432 . In order for the bank reconciliation to balance,you must add 90 to the bank statement balance.
a. True
b. False
Indicate whether the statement is true or false
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