Question 5 of 6 2

Subject:AccountingPrice: Bought3

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Question 5 of 6 2.5/5 = Novak Company owns 9,000 acres of timberland purchased in 2009 at a cost of $1,750 per acre. At the time of purchase, the land without the timber was valued at $500 per acre. In 2010, Novak built fire lanes and roads, with a life of 30 years, at a cost of $105.000. Every year, Novak sprays to prevent disease at a cost of $3,750 per year and spends $8,750 to maintain the fire lanes and roads. During 2011, Novak selectively logged and sold 875,000 board feet of timber, of the estimated 4,375,000 board feet. In 2012, Novak planted new seedlings to replace the trees cut at a cost of $125,000. (a) Your answer is correct Determine the depreciation expense and the cost of timber sold related to depletion for 2011. (Round the final answers to decimal places, eg. 5,125.) $ 3,500 Depreciation expense Cost of timber sold $ 2.250,000 e Textbook and Media Attempts: 2 of 3 used (b) Your answer is incorrect. Novak has not logged since 2011. If Novak logged and sold 1.125.000 board feet of timber in 2022, when the timber cruise (appraiser) estimated 6,250,000 board feet, determine the cost of timber sold related to depletion for 2022. (Round intermediate calculations to 5 decimal places, eg. 1.54687 and final answers to decimal places, eg. 5,125.) Cost of timber sold $