Depletion Entries

Alaska Mining Co$.$ acquired mineral rights for $$13,280,000.$ The mineral deposit is estimated at $66,400,000$ tons. During the current year, $9,950,000$ tons were mined and sold.

a$.$ Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places.

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b$.$ Journalize the adjusting entry on December $31$ to recognize the depletion expense.

Accumulated Depletion

Depletion Expense