Description: Sonic booms and a bright fireball that could be seen in broad daylight marked the crashing meteor that left a trail somewhere near the Maine-New Brunswick border last Saturday. And now, all you have to do is find a one kilogram piece of the space rock in the woods to earn yourself a $25,000 fee from the Maine Mineral and Gem Museum. Of course, there’s no guarantee that anyone will find a one kg fragment, but the museum advises the searchers to familiarize themselves with what a chunk of a meteorite might look like before embarking on the treasure hunt.
Date: April 12, 2023
1) Have you ever witnessed a meteor crashing to earth or found a meteor fragment?
2) How do you think an organization would go about setting a price for a rare object like this?
3) Chapter nine of Wiley’s Financial Accounting: Tools for Business Decision-Making includes the concept of depreciation of long-lived assets. If you were an accountant at an institution like the Maine Mineral and Gem Museum, would you apply depreciation to their special collection of unique items for exhibits?