On January $1,2022,$ Pharoah Lt$$e acquired a small silver mine for $$16\mathrm{.}20$ million along with some equipment costing $$6\mathrm{.}90$ million. At that time, management estimated that the mine should produce $9\mathrm{.}00$ million ounces of silver with no residual value and that the equipment would have a useful life of five years and no residual value. In $2022$ and $2023,$ the company produced $236,000$ and $266,000$ ounces of silver, respectively. Pharoah uses the straight$-$line method of depreciation for its equipment, and its year end is December $31.$

$($a$)$

Your answer is correct.

Calculate the mine's accumulated depletion and carrying amount at the beginning of $2024.($Round per unit depletion value to $3$ decimal places, e$.$g$.1\mathrm{.}525$ and final answers to $0$ decimal places, e$.$g$.5,125.)$

Accumulated depletion $

Carrying amount $

Calculate the equipment's accumulated depreciation and carrying amount at the beginning of $2024.$

Equipment's accumulated depreciation $

Carrying amount

What is the depreciation expense from January $1,2024,$ to September $30,2024,$ and what is the carrying amount of the equipment at September $30,2024?$

Depreciation expense $

Carrying amount

$

On October $1,$ the company bought more equipment costing $$1\mathrm{.}10$ million that also had a useful life of five years and no residual value. What is the total depreciation for all the remaining equipment for the three months ending December $31,2024?$

Total depreciation for $3$ months $

On the last day of $2024,$ the company sold some equipment for a loss of $$260,000.$ After recording the sale, the balances in the Equipment and the Accumulated Depreciation accounts were $$4\mathrm{.}32$ million and $$2\mathrm{.}07$ million, respectively. Based on this information, what were the proceeds received when this equipment was sold?

Cash proceeds from sale $

What is the amount of the gain or loss that arose when one$-$third of the equipment was sold on January $1,2024,$ for cash proceed. of $$1\mathrm{.}70$ million?

from sale of equipment

$