In February 2019, Noll purchased a coal mine at a cost of $3,000,000. The mine is...
In February 2019, Noll purchased a coal mine at a cost of $3,000,000. The mine is estimated to contain 200,000 tons of coal and to have a residual value of $500,000 after mining operations are completed. During 2019, a total of 20,000 tons of coal were removed from the mine but of that only 5,000 sold.
What journal entry would be required to record depletion in 2019?
Homework Answers
| Depletion expense | 62,500 | |
| Accumulated depletion | 62,500 | |
| (3,000,000-500,000)/200,000*5,000 |
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