Question
ABC Company aquired mineral rights for $9,100,000. The mineral deposit is estimated at 65,000,000 tons. During the current year, 18,375,000 tons were mined and sold.
ABC Company aquired mineral rights for $9,100,000. The mineral deposit is estimated at 65,000,000 tons. During the current year, 18,375,000 tons were mined and sold. Journalize the adjusting entry to recognize the depletion expense for the year.
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Financial Accounting And Reporting
Authors: Mr Barry Elliott, Jamie Elliott
10th Edition
0273703641, 978-0273703648
