Edson Mining Company

On March. 1, 2015, Edson Mining Company purchased a mine for $100 million that is estimated have 250 000 tonnes of ore and a residual value of $7 million. The cost of restoration at the end of the useful life is estimated at $12 million.

In 2015, 30 000 tonnes of ore were extracted.

a) Calculate the amount of deplation that should be recorded on December 31, 2015.

b) Calculate the amount of the restoration liability.

c) Show the journal entry for December 31, 2015.

Fried Rice Restaurant

Journalize the following three transactions from their lunchtime crowd on August 01, 2023. The following service fees apply:

$0.15 per transaction for debit card;

2.5% for MasterCard and Visa;

3.5% for American Express.

a) A lunch bill for $34.00 was paid with a debit card.

b) A lunch bill for $25.00 was paid with a MasterCard.

c) A lunch bill for $55.00 was paid with an American Express

d) Total cash (notes and coins) received from sales was $ 260.