Mountain Coal paid ($ 450,000) to acquire a mine with 22,500 tons of coal reserves. The following
Question:
Mountain Coal paid \(\$ 450,000\) to acquire a mine with 22,500 tons of coal reserves. The following statements model reflects Mountain's financial condition just prior to purchasing the coal reserves. The company extracted 10,000 tons of coal in year 1 and 8,000 tons in year 2.
Required
a. Compute the depletion charge per unit,
b. Record the acquisition of the coal reserves and the depletion expense for years 1 and 2 in a financial statements model like the preceding one.
c. Prepare the general journal entries to record the depletion expense for years 1 and 2.
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