Intra-Spect Mining Co. acquired mineral rights for $77,000,000. The mineral deposit is estimated at 55,000,000 tons....
Intra-Spect Mining Co. acquired mineral rights for $77,000,000. The mineral deposit is estimated at 55,000,000 tons. During the current year, 15,400,000 tons were mined and sold.
a. Determine the depletion rate. If required,
round your answer to two decimal places.
$ per ton
b. Determine the amount of depletion expense
for the current year.
$
Homework Answers
a. Depletion rate = $77,000,000 / 55,000,000 = $1.40 per ton
b. Amount of depletion expense for the current year = 15,400,000 tons * $1.40 = $21,560,000
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Intra-Spect Mining Co. acquired mineral rights for $77,000,000.
The mineral deposit is estimated at 55,000,000 tons....
Alaska Mining Co. acquired mineral rights for $15,938,000. The mineral deposit is estimated at 122,600,000 tons....
Alaska Mining Co. acquired mineral rights for $15,938,000. The mineral deposit is estimated at 122,600,000 tons. During the current year, 18,400,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places. b. Journalize the adjusting entry on December 31 to recognize the depletion expense.
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