Question
Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 4,000,000 tons were mined and
Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 4,000,000 tons were mined and sold.
a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places. $
b. Journalize the adjusting entry on December 31 to recognize the depletion expense.
| Dec. 31 | |||
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Development Of Accounting And Auditing Systems In China
Authors: Xu-Dong Ji
1st Edition
0415792886, 978-0415792882
