E10-12

Exercises: Set B and Challenge Exercises 479 la Prepare the journal entry to record depletion. Asume that the 100,000 tons of ore were mined, but only 80,000 units were sold. How the costs applicable to the 20,000 unsold units reported? E10-12 The following are selected 2017 transactions of Pedigo Corporation an. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is May 1 Purchased for $75,000 a patent with an estimated useful life of 5 years and a are Prepare adjusting entries for amortization. indefinite. (LO 4) legal life of 20 years. Instructions Prepare necessary adjusting entries at December 31 to record amortization required by the events above