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Depletion entries Alaska Mining Co . acquired mineral rights for $ 2 2 , 3 7 9 , 0 0 0 . The mineral deposit
Depletion entries
Alaska Mining Co acquired mineral rights for $ The mineral deposit is estimated at tons. During the current year, tons were mined and sold.
a 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 to recognize the depletion expense. If an amount box does not require an entry, leave it blank.
December
Similar to the journal entry to record depreciation, the journal entry to record depletion affects a contra asset account
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