Question
Current Attempt in Progress Marigold Corp. purchased for $ 5,274,000 a mine that is estimated to have 52,740,000 tons of ore and no salvage value.
Current Attempt in Progress
Marigold Corp. purchased for $ 5,274,000 a mine that is estimated to have 52,740,000 tons of ore and no salvage value. In the first year, 5,790,000 tons of ore are extracted.
Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.)
Depletion cost per unit | $ enter the depletion cost per ton amount in dollars per ton |
eTextbook and Media
List of Accounts
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 0 for the amounts.)
Account Titles and Explanation | Debit | Credit |
---|---|---|
enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount |
eTextbook and Media
List of Accounts
Show how this mine is reported on the balance sheet at the end of the first year.
Marigold Corp. Balance Sheet (Partial) | ||||
---|---|---|---|---|
enter a balance sheet item | $ enter a dollar amount | |||
select between addition and deduction AddLess: enter a balance sheet item | enter a dollar amount | $ enter a total of the two previous amounts |
eTextbook and Media
List of Accounts
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