depletion entries.

Alaska mining co. acquired mineral rights for 12,144,000. The mineral deposit is estimated ar 52,800,000 tons. During the current year, 7,900,000 tons were mined and sold.

Depletion Entries Alaska Mining Co. acquired mineral rights for $12,144,000. The mineral deposit is estimated at 52,800,000 tors. During the current year, 7,900,000 tons were med and said, 2. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places b. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it back. 38