Homework Answers
a. Depletion expense for the current year = ($9,120,000 / 57,000,000 tons) × 8,550,000 tons = $1,368,000
b.
| General Journal | Debit | Credit |
| Depletion Expense | $1,368,000 | |
| Accumulated Depletion | $1,368,000 |
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Snow Me How Calculator Printem Depletion Entries Alaska Mining Co. acquired mineral rights for $9,120,000. The mine...
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Depletion Entries Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at...
Depletion Entries Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 4,000,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. b. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31 10 more Check My Work uses...
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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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