--------------------

Concord Corporation purchased for $6,871.800 a mine that is estimated to have 52.860,000 tons of ore and no salvage value. In the first year. 8,940,000 tons of ore are extracted. (a1) Your answer is correct Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit $ 0.13 per ton Prepare the journal entry to record depletion for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Splish Brothers Inc. purchases a patent for $315,000 on January 2, 2022. Its estimated useful life is 15 years. (a) Your Answer Correct Answer (Used) Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Amortization Expense 21,000 Patents 21.000 Show how this patent is reported on the balance sheet at the end of the first year. Splish Brothers Inc. Balance Sheet (Partial) $