Accounting
Perez Company acquires an ore mine at a cost of $3,920,000. It incurs additional costs of $1,097,600 to access the mine, which is estimated to hold 2,800,000 tons of ore. 270,000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $560,000. Calculate the depletion expense from the information given.
Cost$. 5,017,600 Salvage. 560,000 Amount subject to depletion. ? Total units of capacity. 2,800,000 Depletion per unit. ? Units extracted and sold in period Depletion expense. ? | |
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Untitled.pngPerez Company acquires an ore mine at a cost of $4,060,000. It incurs
additional costs of $1,136,800 to access the mine, which is estimated
to hold 2,900,000 tons of ore. 275,000 tons of ore are mined and sold
the first year. The estimated value of the land after the ore is removed
is $580,000. Calculate the depletion expense from the information given.1. & 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry.
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