Corentine Company acquires an ore mine at a cost of $1,400,000. It incurs additional costs of $400,000
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Corentine Company acquires an ore mine at a cost of $1,400,000. It incurs additional costs of $400,000 to access the mine, which is estimated to hold 1,000,000 tons of ore. The estimated value of the land after the ore is removed is $200,000. 1. Prepare the entry(ies) to record the cost of the ore mine. 2. Prepare the year-end adjusting entry if 180,000 tons of ore are mined and sold the first year.
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Related Book For
Financial Accounting Information For Decisions
ISBN: 9780073043753
4th Edition
Authors: John J. Wild
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