h9HW 2 Depletion entries eBook Instructions Chart of Accounts Starting question ent/takeAssignmentM Show Me How Instructions Alaska Mining Co. acquired mineral rights for $28,050,000. The mineral deposit is estimated at 16,500,000 tons. During the current year, 1,540,000 tons were mined and sold. Required: a. Determine the amount of depletion expense for the current year. b. Joumalize the adjusting entry on December 31 to recognize the depletion expense. Refer to the Chart of Accounts for exact wording of account titles. X Instructions Chart of Accounts General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 128 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable REVENUE 410 Sales 610 Interest Revenue 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment 822 Gain on Sale of Mineral Rights EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 523 Delivery Expense 524 Repairs and Maintenance Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Equipment 533 Depletion Expense 534 Amortization Expense-Patents 535 Insurance Expense 530 Supplies Expense 539 Miscellaneous Expense 710 Interest Expense 720 Loss on Sale of Delivery Truck 721 Loss on Sale of Equipment 722 Loss on Sale of Mineral Rights EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Depletion entries Instructions Chart of Accounts Starting question V Instructions Chart of Accounts Starting question a. Determine the amount of depletion expense for the current year. S PortalGuard Single Sign-On x Ch9HW 2 CengageNOWv2 | Online teach x C 9 HW 2 Depletion entries https://v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMai... AQ eBook Instructions Chart of Accounts Starting question Journal Show Me How b. Journalize the adjusting entry on December 31 to recognize the depletion expense. Refer to the Chart of Accounts for exact wording of accountles PAGE 1 JOURNAL ACCOUNTING FOUATION DATE DESCRIPTION POST REY DENT CREDIT ASSETS LALITIES EQUITY 2 Adjusting Entries 1