Arlington Corporation's financial statements (dollars and shares are in millions) are provided here. Balance Sheets as of December 31 2016 2015 Assets Cash and equivalents $ 13,000 $ 11,000 Accounts receivable 35,000 30,000 Inventories 32,880 28,000 Total current assets $ 80,880 $ 69,000 Net plant and equipment 51,000 48,000 Total assets $131,880 $117,000 Liabilities and Equity Accounts payable $ 10,600 $ 8,000 Accruals 7,200 6,000 Notes payable 6,200 5,400 Total current liabilities $ 24,000 $ 19,400 Long-term bonds 15,000 15,000 Total liabilities $ 39,000 $ 34,400 Common stock (4,000 shares) 50,000 50,000 Retained earnings 42,880 32,600 Common equity $ 92,880 $ 82,600 Total liabilities and equity $131,880 $117,000 Income Statement for Year Ending December 31, 2016 Sales $241,000 Operating costs excluding depreciation and amortization 190,000 EBITDA $ 51,000 Depreciation & amortization 7,000 EBIT $ 44,000 Interest 6,650 EBT $ 37,350 Taxes (40%) 14,940 Net income $ 22,410 Dividends paid 12,130 Enter your answers in millions. For example, an answer of $25,000,000,000 should be entered as 25,000. What was net operating working capital for 2015 and 2016? 2015 $ million 2016 $ million What was Arlington's 2016 free cash flow? $ million Construct Arlington's 2016 statement of stockholders' equity. Common Stock Retained Earnings Total Stockholders' Equity Shares Amount Balances, 12/31/15 million $ million $ million $ million 2016 Net Income million Cash Dividends million Addition to retained earnings million Balances, 12/31/16 million $ million $ million $ million What was Arlington's 2016 EVA? Assume that its after-tax cost of capital is 10%. Round your answer to two decimal places. $ million What was Arlington's MVA at year-end 2016? Assume that its stock price at December 31, 2016 was $25. $ million Check My Work Icon Key Previous Question 10 of 13 Next

Depletion

On January 2, 2016, Spring Company purchased land for $480000, from which it is estimated that 370000 tons of ore could be extracted. It estimates that the present value of the cost necessary to restore the land is $69000, after which it could be sold for $35000.

During 2016, Spring mined 71000 tons and sold 60000 tons. During 2017, Spring mined 91000 tons and sold 82000 tons. At the beginning of 2018, Spring spent an additional $80000, which increased the reserves by 56000 tons. In 2018, Spring mined 135000 tons and sold 134000 tons. Spring uses a FIFO cost flow assumption.

Required:

If required, round your final answers to the nearest dollar and round the depletion rate per ton to the nearest cent.

1. Calculate the depletion included in the income statement and ending inventory for 2016, 2017, and 2018. Round the depletion rate to the nearest cent. If required, round the final answers to the nearest dollar.

2. Complete the natural resources section of the balance sheet on December 31, 2016, 2017, and 2018, assuming that an accumulated depletion account is used. Round the depletion rate per to the nearest cent. If required, round the final answers to the nearest dollar.

3. Assume Whistler's discount rate was 8%. What is the balance in the asset retirement obligation at 2016, 2017, and 2018? If required, round your answers to the nearest dollar.

Depletion On January 2, 2016, Salt Company purchased land for $490000, from which it is estimated that 350000 tons of ore could be extracted. It estimates that the present value of the cost necessary to restore the land is $90000, after which it could be sold for $36000. During 2016, Salt mined 85000 tons and sold 73000 tons. During 2017, Salt mined 111000 tons and sold 112000 tons. At the beginning of 2018, Salt spent an additional $80000, which increased the reserves by 70000 tons. In 2018, Salt mined 144000 tons and sold 138000 tons. Salt uses a FIFO cost flow assumption. Required: If required, round your final answers to the nearest dollar and round the depletion rate per ton to the nearest cent. 1. Calculate the depletion included in the income statement and ending inventory for 2016, 2017, and 2018. Round the depletion rate to the nearest cent. If required, round the final answers to the nearest dollar. 2016 Depletion deducted from income $ Depletion included in inventory $ 2017 Depletion deducted from income $ Depletion included in inventory $ 2018 Depletion deducted from income $ Depletion included in inventory $ 2. Complete the natural resources section of the balance sheet on December 31, 2016, 2017, and 2018, assuming that an accumulated depletion account is used. Round the depletion rate per to the nearest cent. If required, round the final answers to the nearest dollar. Salt Company Balance Sheet (partial) December 31, 2016 - 2018 December 31, 2016 Mineral ore resources $ Less: Accumulated depletion $ December 31, 2017 Mineral ore resources $ Less: Accumulated depletion $ December 31, 2018 Mineral ore resources $ Less: Accumulated depletion $ Feedback 3. Assume Whistler's discount rate was 9%. What is the balance in the asset retirement obligation at 2016, 2017, and 2018? If required, round your answers to the nearest dollar. Salt Company Asset retirement obligation 2016 - 2018 December 31, 2016 $ December 31, 2017 $ December 31, 2018 $ Feedback Check My Work

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