On July 1, 2012, Macready Inc. invested $720,000 in a mine estimated to have 800,000 tons of
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Instructions
(a) Prepare the journal entry to record depletion expense.
(b) Assume that the 100,000 tons of ore were mined, but only 80,000 units were sold. How are the costs applicable to the 20,000 unsold units reported?
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a Dec 31 Depletion Expense 90000 Accumulated Depletion 1...View the full answer
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Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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