Depletion Entries

Backwoods Mining Co. acquired mineral rights for $21,344,000. The mineral deposit is estimated at 92,800,000 tons. During the current year, 13,900,000 tons were mined and sold.

Question Content Area

a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimal places. $fill in the blank 1a6bfdffa030faf_1

b. Journalize the adjusting entry on December 31 to recognize the depletion expense. If an amount box does not require an entry, leave it blank.

blank	Accumulated DepletionDepletion ExpenseDepletion PayableMineral RightsRepairs and Maintenance Expense	- Select -	- Select -
	Accumulated DepletionCashDepletion ExpenseDepletion PayableRepairs and Maintenance Expense	- Select -	- Select -