Depletion entries Alaska Mining Co. acquired mineral rights for $15,410,000. The mineral deposit is estimated at 67,000,000 tons, During the current year, 10,050,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. Dexter Industries purchased packaging equipment on January 8 for $108,000. The equipment was expected to have a useful life of 3 years, or 27,000 operating hour5, and a residual value of $5,400. The equipment was used for 10,800 hours during Year 1,8,100 hours in Year 2 , and 8,100 hours in Year 3 . Required: 1. Determine the amount of depreciation expense for the 3 years ending December 31 , by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method. Also determine the total depreclation expense for the 3 years by each method. Do not round intermediate calculations when determining the depreciation rate. Round the final answers for each year to the nearest whole dollar. 2. What method yielas the highest depreciation expense for Year 17 3. Whot method yields the inot deoreciation over the 3-year ife of the equipment? Current liabilities Bon Nebo Co. sold 11,500 annual subscriptions of Bjom for $43 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $312,000 during the first calendar quarter of 20 y. . The federal tax rate is 35%. A quarterly tax payment will be made on April 12, 20Y6. Bennett Enterprises issues a $912,000,30-day, 6%, note to Spectrum Industries for merchandise inventory. Assume a 360 doys in a year. If required, round your answers to the nearest dollar. If an amount box does not require an entry, leave it blank. a. Journalize Bennett Enterprises' entries to record: 1. the issuance of the note. 2. the payment of the note at maturity. b. Joumalize Spectrum Industries' entries to record: 1. the receipt of the note. 2. the recelpt of the poyment of the note at maturity
