Question
Depletion Earth's Treasures Mining Co. acquired mineral rights for $96,000,000. The mineral deposit is estimated at 80,000,000 tons. During the current year, 16,800,000 tons were
Depletion
Earth's Treasures Mining Co. acquired mineral rights for $96,000,000. The mineral deposit is estimated at 80,000,000 tons. During the current year, 16,800,000 tons were mined and sold.
a. Determine the depletion rate. If required, round your answer to two decimal places. $fill in the blank 63d9270b3ff3046_1 per ton
b. Determine the amount of depletion expense for the current year. $fill in the blank 63d9270b3ff3046_2
c. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank.
| Dec. 31 | fill in the blank d9a5defcffc7072_2 | fill in the blank d9a5defcffc7072_3 | |
| fill in the blank d9a5defcffc7072_5 | fill in the blank d9a5defcffc7072_6 |
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Message Brand And Dollars Auditing Marketing Operations
Authors: J. Mike Jacka, Peter R. Scott
1st Edition
163454000X, 9781634540001
