Question
Depletion Entries Cikan Mining Co. acquired mineral rights for $26,760,000. The mineral deposit is estimated at 111,500,000 tons. During the current year, 16,750,000 tons were
Depletion Entries
Cikan Mining Co. acquired mineral rights for $26,760,000. The mineral deposit is estimated at 111,500,000 tons. During the current year, 16,750,000 tons were mined and sold.
a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places. $
| b. Journalize the adjusting entry to recognize the depletion expense.
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Financial Accounting An Introduction to Concepts, Methods and Uses
Authors: Roman L. Weil, Katherine Schipper, Jennifer Francis
14th edition
978-1111823450, 1-133-36617-1 , 1111823456, 978-1-133-3661, 978-1133591023
