Question
On July 1, 2020, Pina Colada Corp. invested $740,160 in a mine estimated to have 771,000 tons of ore of uniform grade. During the last 6 months of 2020, 104,000 tons of ore are mined. Prepare the journal entry to record depletion.

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Exercise 9-11 al-a2, b (Video) (Part Level Submission) On July 1, 2020, Pina Colada Corp. invested $740,160 in a mine estimat
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Answer #1
Date Account titles and explanation Debit Credit
Dec. 31 Inventory $99,840
Accumulated Depletion $99,840
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