Accounting
1) BigTimber Inc acquires 5,000 acres of mature timberland for $10,00,000 in 2019. After harvesting, the land Is anticipated to have a fair market value of $1,500,000. In 2019, 51); Timber harvests Soo acres and sales the timber from 330 acres for $1,100,000.
Record the purchase anti all subsequent transactions. What is the grass pref. Pereentage the product that was sale
2) I Buy Companies acquired a competitor/ore purchase Om in excess of the F■nv of the itx■Ivklual assets. It reconietl $3,0IX1,000. I 8uy plans to sell Ills company Is years. Record the current year’s goodwill arnortization / .93ense.
3) Record the entry by 01,1 CO.. $3,500,000 resear. and tleveloprnent of a drug that makes all students accounting exPerts.