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help with all Colorado Mining paid $581,600 to acquire a mine with 811.000 tons of coal reserves. The horizontal statements model reflects Colorado Mining's financial
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Colorado Mining paid $581,600 to acquire a mine with 811.000 tons of coal reserves. The horizontal statements model reflects Colorado Mining's financial condition just prior to purchasing the coal reserves. The company extracted 425,775 tons of coal in Year 1 and 364,950 tons in Year 2 Required a. Compute the depletion charge per unit b. Record the acquisition of the coal reserves and the depletion expense for years 1 and 2 in a financial statements model like the preceding one c. Prepare the general journal entries to record the depletion expense for years 1 and 2. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the depletion charge per unit. (Round your answer to two decimal places.) Depletion charge per unit Required Required B Record the acquisition of the coal reserves and the depletion expense for years 1 and 2 in a horizontal statements model: (In the Statement of Cash Flow operating activity, IA for investing activity, and FA for financing activity. Leave blank to indicate that an element is not affected by the event. Enter any de with a minus sign) COLORADO MINING Horizontal Statements Model Balance Sheet Assets Income Statement Stockholders' Equity Cash Coal Reserves Liabilities Common Stock Revenue Retained Earnings Expenses Statement of Cash Flows Net Income 738,300 738.300 Depletion for Year 1 Depletion for Year 2 Step by Step Solution
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