Question
Current Attempt in Progress On July 1, 2024, Marin Exploration invests $1.27 million in a mine that is estimated to have 728,125 tonnes of
Current Attempt in Progress On July 1, 2024, Marin Exploration invests $1.27 million in a mine that is estimated to have 728,125 tonnes of ore. The company estimates that the property will be sold for $105,000 when production at the mine has ended. During the last six months of 2024, 105,000 tonnes of ore are mined and sold. Marin has a December 31 fiscal year end. (b) Show how the mine and any related accounts are reported on the December 31, 2024, balance sheet. MARIN EXPLORATION Balance Sheet (Partial) Property, Plant, and Equipment Resource Less Y Accumulated Depletion-Resource December 31, 2024 Assets I 168000 $
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