2/ ABC Company purchased for $5,600,000 a land estimated to contain 2 million board feet of timber. When the timber is completely logged, it was expected that the land would be worth $200,000. A building and equipment costing $2,800,000 were constructed on the land, and they will be completely used up and have no salvage value when the land is cleared. Discuss the computation of the depletion per board feet of timber.

1. the corporate form of business organization has an advantage over both the sole proprietorship and the general partnership in ease of 2. the corporate form of business organization has an advantage over both the sole proprietorship and the general partnership in external liability for business 3. a partnership is an association of two or more persons to carry on as co-owners a business for 4. any one partner may be held liable for the entire indebtedness of the 5. a limited partner is liable for the partnership debt only to the extent of her capital 6. a person may be a partner even though he has no authority to conduct the ordinary activities of the 7. a partner may withdraw his capital contribution without the consent of all the 8. when a partner sells his interest in the partnership, the buyer becomes a new 9.every partner owes a duty of good faith, fairness, and loyalty to the other 10. a partner who fails to use ordinary care and skill in discharging assigned duties will be personally liable to the partners for any resulting loss.