Question
EX 9-19 Depletion entries OBJ. 4 Big Sky Mining Co. acquired mineral rights for $42,000,000. The mineral deposit is esti-mated at 20,000,000 tons. During the
EX 9-19 Depletion entries OBJ. 4 Big Sky Mining Co. acquired mineral rights for $42,000,000. The mineral deposit is esti-mated at 20,000,000 tons. During the current year, 1,850,000 tons were mined and sold.
a. Determine the amount of depletion expense for the current year.
b. Journalize the adjusting entry to recognize the depletion expense.
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Contemporary Auditing Real Issues And Cases
Authors: Michael C. Knapp, Loreen Knapp
5th Edition
032418834X, 978-0324188349
