| Date |
Accounts and Explanation |
Ref. |
Debits |
Credits |
| 06/01/93 |
Temporary Capital Account |
1 |
2,500 |
|
|
Cash |
|
|
2,500 |
|
E.Z. Cruiser, Consultant for forest land appraisal report |
|
|
|
| 06/01/93 |
Temporary Capital Account |
2 |
275,000 |
|
|
Cash |
|
|
75,000 |
|
Mortgage Payable |
|
|
200,000 |
|
Purchase Evergreen tree farm |
|
|
|
| 06/15/93 |
Temporary capital account |
3 |
4,000 |
|
|
Cash |
|
|
4,000 |
|
L. Lawyer, attorney for title search, filing, and closing |
|
|
|
| 06/21/93 |
Evergreen tract (Figure 15-2) |
5 |
59,537 |
|
|
Merchantable sawtimber (Figures 15-3 and 15-6) |
6a |
161,834 |
|
|
Merchantable pulpwood (not shown) |
7 |
24,407 |
|
|
Young growth (Figure 15-4) |
8 |
22,323 |
|
|
Equipment-Bridge (Figure 15-5) |
9 |
13,399 |
|
|
Temporary capital account |
4 |
|
281,500 |
|
Allocation of tree farm purchase to permanent capital accounts |
|
|
|
| 12/31/93 |
Depreciation expense |
10 |
521 |
|
|
Accumulated depreciation |
|
|
521 |
|
First year depreciation of bridge |
|
|
|
| 12/31/93 |
Interest expense |
11 |
9,285 |
|
|
Mortgage payable |
|
2,425 |
|
|
Cash |
|
|
11,710 |
|
Interest expense and mortgage |
|
|
|
|
Principal reduction for 1993 (see Interest Expense and Mortgage Payable
Accounts, Table 15-1) |
|
|
|
| 01/15/94 |
Operating expense |
12 |
421 |
|
|
Cash |
|
|
421 |
|
Forest Suppliers for purchase of axes, posted signs, flagging |
|
|
|
| 06/01/94 |
Bridge maintenance |
13 |
582 |
|
|
Truck maintenance |
|
217 |
|
|
Road maintenance |
|
897 |
|
|
Cash |
|
|
1,696 |
|
Forestry expenses for servicing truck, grading, pulling ditches, and
repairing bridge |
|
|
|
| 12/31/94 |
Property tax expense |
14 |
820 |
|
|
Cash |
|
|
820 |
|
Treasurer, Local County |
|
|
|
| 02/15/95 |
Expenses of sale (Table 15-1) |
15 |
10,950 |
|
|
Cash |
|
|
10,950 |
|
E.Z. Cruiser, consultant for sale preparation (also see Table 15-2) |
|
|
|
| 04/10/95 |
Cash |
16 |
21,900 |
|
|
Timber sale revenue |
|
|
21,900 |
|
Deposit (10 percent) on timber sale from Sawyer Lumber Co. |
|
|
|
| 05/07/95 |
Cash |
17 |
197,100 |
|
|
Timber sale revenue |
|
|
197,900 |
|
Balance of sale revenue from Sawyer Lumber Co. (also see Table 15-1) |
|
|
|
| 12/31/95 |
Cost of timber sold* |
18 |
97,100 |
|
|
Merchantable sawtimber subaccount (value) |
|
|
97,100 |
|
Allowable as basis of sale |
|
|
|
|
Merchantable swtimber subaccount (also see chapter 6) |
|
|
|
| 06/15/96 |
Reforestation account (not shown) |
19 |
12,500 |
|
|
Cash |
|
|
12,500 |
|
B. Dozer, contractor for site preparation on 60 acres of cutover land |
|
|
|
| 08/26/96 |
Bridge maintenance |
20 |
352 |
|
|
Road maintenance |
|
578 |
|
|
Cash |
|
|
930 |
|
M. Truck, contractor for road grading, bridge repair |
|
|
|
| 09/01/96 |
Cash |
21 |
5,000 |
|
|
Reforestation account (not shown) |
|
|
5,000 |
|
Receipt of FIP cost-share payments for site preparation (also see Table
15-2) |
|
|
|
| 12/31/96 |
Amortization of reforestation |
22 |
509 |
|
|
Reforestation account (not shown) |
|
|
509 |
|
Amortization of site preparation (see Table 15-4) |
|
|
|
| 02/10/97 |
Reforestation account (not shown) |
23 |
3,600 |
|
|
Cash |
|
|
3,600 |
|
E.Z. Cruiser, contractor for planting pine on site prepared 60-acre
cutover (Table 15-4) |
|
|
|
| 12/31/97 |
Amortization of reforestation |
24 |
1,262 |
|
|
Reforestation account (not shown) |
|
|
1,262 |
|
Second year of site preparation amortization ($1,018) and first year
of planting amortization ($244)(see table 15-4) |
|
|
|
| 08/06/98 |
Timber stand improvement |
25 |
1,800 |
|
|
Cash |
|
|
1,800 |
|
Tom Cleary, contractor for timber stand improvement in 60-acre natural
pine stand |
|
|
|
| 09/01/98 |
Temporary capital account |
26 |
384,900 |
|
|
Cash |
|
|
384,900 |
|
Mountain Realty Co., acquire Lonesome Pine - 120 acres total |
|
|
|
| 09/02/98 |
Temporary capital account |
27 |
6,400 |
|
|
Cash |
|
|
6,400 |
|
Mountain Realty Co., appraisal, title search, and legal fees to acquire
Lonesome Pine tract |
|
|
|
| 09/15/98 |
Total cost of property (6,400 + 384,300) |
28 |
|
391,300 |
|
Land |
29 |
60,998 |
|
|
Merchantable sawtimber (Figures 15-3 and 15-5) |
30a |
314,036 |
|
|
Young growth |
31 |
16,256 |
|
|
Allocation of Lonesome Pine purchases to permanent capital accounts |
|
|
|
| 09/31/98 |
Pulpwood timber subaccount (not shown) |
32 |
22,323 |
|
|
Young growth |
|
|
22,323 |
|
Young growth transferred to pulpwood timber subaccount (value not shown) |
|
|
|
| 11/01/98 |
Travel expense |
33 |
276 |
|
|
Cash |
|
|
276 |
|
Routine inspection of boundaries, roads, and fire lines from travel
diary (not shown) |
|
|
|
| 12/31/98 |
Property tax expense |
34 |
1,280 |
|
|
Cash |
|
|
1,280 |
|
To Local County Treasurer for property tax expenses |
|
|
|
| 12/31/98 |
Interest expense |
35 |
13,992 |
|
|
Mortgage payable |
|
6,092 |
|
|
Cash |
|
|
20,084 |
|
Interest expense and mortgage principal reduction for 1993 |
|
|
|
| 12/31/98 |
Temporary capital account |
36 |
15,548 |
|
|
Travel expense |
|
|
276 |
|
Property tax expense |
|
|
1,280 |
|
Interest expense |
|
|
13,992 |
|
Election to capitalize carrying charges for 1993 |
|
|
|
| 12/31/98 |
Temporary capital account |
37 |
|
15,584 |
|
Merchantable sawtimber subaccount |
|
14,041 |
|
|
Pulpwood subaccount (not shown) |
|
905 |
|
|
Young growth subaccount |
|
602 |
|
|
Allocation of carrying charges to timber accounts |
|
|
|
| 12/31/98 |
Cash |
38 |
1,200 |
|
|
Hunting lease |
|
|
1,200 |
|
Receipt of hunting lease payment from Laid Back Hunt Club |
|
|
|
